Consumer confidence decreased by 0.7 points last week. Among the mainland states, confidence fell in New South Wales and Victoria, while it increased in Queensland, South Australia and Western Australia.
‘Weekly inflation expectations’ rose 0.1 percentage points to 5.6 per cent. Its four-week moving average remained at 5.7 per cent.
‘Current financial conditions’ plunged 5.7 points. ‘Future financial conditions’ fell slightly by 0.3 points and remained below 90 for a seventh-straight week.
‘Current economic conditions’ increased 0.9 points. ‘Future economic conditions’ gained 2.1 points. ‘Time to buy a major household item’ softened 0.8 points after a 6.8 point fall the week before.
“ANZ-Roy Morgan Australian Consumer Confidence fell last week, its third consecutive weekly decline,” ANZ Senior Economist Adelaide Timbrell said. “The confidence level was among the five-worst results since the COVID outbreak and has stayed below 80 for 20-straight weeks.”
“The decline in the latest result was mainly driven by weaker confidence in ‘current financial conditions’. Among the housing cohorts, confidence fell to a record low for those renting.
“It improved among those paying off their homes but remained below 70, while it fell for those who own their homes outright.”
