Consumer confidence rose 0.1 points last week to 86.8 points. The four-week moving average fell 0.2 points to 86.6 points.
‘Weekly inflation expectations’ fell to 4.7 per cent, while the four-week moving average was steady at 4.7 per cent.
‘Current financial conditions’ (over the last year) increased 1.2 points and ‘future financial conditions’ (next 12 months) ticked up 0.2 points.
‘Short-term economic confidence’ (next 12 months) rose 2.3 points, while ‘medium-term economic confidence’ (next five years) fell 2.1 points.
The ‘time to buy a major household item’ subindex decreased 1.3 points.
“Consumer confidence continues to move within a narrow range, with the series rising 0.1 points last week,” ANZ Economist, Madeline Dunk said.
“Optimism about the coming year has been rising since July. Household confidence in the 12-month economic outlook has risen 10.7 points since early July (the strongest gain in the subindices over the second half of the year), while confidence regarding personal finances over the next 12 months gained 8.2 points since July.
“Inflation expectations eased 0.2 percentage point to 4.7 per cent, possibly in response to last week’s third quarter Wage Price Index report, which showed a broad-based deceleration in wage growth.
“The data are likely to give the RBA more confidence that wage growth is returning to a rate that is consistent with its target of 2-3 per cent inflation.”
