Consumer confidence fell 0.8 points last week to 82.3 points. The four-week moving average fell 0.4 points to 82.8 points.
‘Weekly inflation expectations’ was steady at 4.6 per cent, while the four-week moving average fell 0.1 percentage point to 4.7 per cent.
‘Current financial conditions’ (over the last year) rose 2.7 points, while ‘future financial conditions’ (next 12 months) declined 2.0 points.
‘Short-term economic confidence’ (next 12 months) fell 1.8 points and ‘medium-term economic confidence’ (next five years) declined 2.7 points.
The ‘time to buy a major household item’ subindex rose 0.1 points.
“Consumer Confidence has plateaued, with the four-week moving average largely steady since early August,” ANZ Economist, Madeline Dunk said.
“Weekly confidence is currently 2.1 points below the July peak of 84.4 points, which marked a six-month high in the series. The Stage 3 tax cuts and cost-of-living relief do not appear to be progressively boosting households’ confidence.
“We are, however, seeing a sustained improvement in inflation expectations which were stable at a 32-month low of 4.6 per cent. Lower petrol prices may be supporting this shift.
“The result is likely be welcomed by the Reserve Bank of Australia, with Governor Michele Bullock noting last week that having well-anchored inflation expectations helps to stabilise the economy, support economic growth and create more jobs.”
