ANZ-Roy Morgan consumer confidence held steady at 82.6 in late August, marking the highest six-week average since February.
Despite being below the 85-point mark for a record 82 consecutive weeks, confidence is now 4.5 points higher than the same week last year.
“ANZ-Roy Morgan Australian consumer confidence was relatively steady last week, falling just 0.4pts,” ANZ Economist Madeline Dunk (pictured above) said.
See LinkedIn post here.
Consumer confidence saw mixed results across different states, with improvements in Victoria and Western Australia but declines in New South Wales, Queensland, and South Australia.
Current financial conditions showed a slight decline, with 21% of Australians feeling better off than a year ago, down 2 points. However, future financial expectations remained stable, with 32% anticipating they will be better off financially in the next year, nearly matching the 33% who expect to be worse off.
The percentage of Australians who believe now is a good time to buy major household items increased by 3 points to 23%, even as broader economic sentiment remained low.
“The economic and financial conditions subindices declined, although this was partly offset by a lift in the ‘time to buy a major household item’ measure,” Dunk said.
Get the hottest and freshest mortgage news delivered right into your inbox. Subscribe now to our FREE daily newsletter.
