Consumer confidence small rebound

Consumer confidence rose 0.3 points last week to 86.7 points. The four-week moving average decreased 0.4 points to 87.2 points.

‘Weekly inflation expectations’ fell 0.3 percentage point to 4.7 per cent, while the four-week moving average was unchanged at 4.7 per cent.

'Current financial conditions’ (over the last year) increased 2.0 points, while ‘future financial conditions’ (next 12 months) eased 0.6 points.

‘Short-term economic confidence’ (next 12 months) declined 3.6 points, and ‘medium-term economic confidence’ (next five years) lifted 0.6 points.

The ‘time to buy a major household item’ subindex jumped 3.2 points.

"Consumer Confidence rose just 0.3 points last week to 86.7 points," ANZ Economist, Sophia Angala said.

"The ‘time to buy a major household item’ subindex saw the largest rise, lifting to its highest level since April 2022. This was likely driven by the beginning of end-of-financial-year sales events.

"Household financial confidence also rose last week, driven by improvement in the 12-month outlook.

"Soft headline gross domestic product (GDP) data last week may have driven weaker economic confidence. Although the data showed robust yearly growth in household disposable incomes and a per capita rise in real incomes, which should support upward momentum in ANZ-Roy Morgan Australian Consumer Confidence in the coming months."

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