Consumer confidence improves

Consumer confidence rose 3.1 points last week to 80.2 points. The four-week moving average fell 1.0 points to 78.7 points.

'Weekly inflation expectations’ decreased 0.3 percentage point to 5.2 per cent, while the four-week moving average fell from 5.4 per cent to 5.3 per cent.

‘Current financial conditions’ (over the last year) lifted 1.5 points, while ‘future financial conditions’ (next 12 months) increased 2.5 points.

‘Short-term economic confidence’ (next 12 months) jumped 5.8 points, and ‘medium-term economic confidence’ (next five years) was up 4.1 points.

The ‘time to buy a major household item’ subindex gained 1.8 points.

"While ANZ-Roy Morgan Australian Consumer Confidence is now up 3.3 points since the RBA hiked the cash rate to 3.85 per cent, the four-week moving average fell to its lowest level since December 2023," ANZ Economist, Sophia Angala said.

"All subindices recorded a lift last week, but the rise was led by improving household confidence in the economic outlook. Last week’s labour market data, which showed the unemployment rate remained at 4.1 per cent in January and quarterly wages growth was up 0.8 per cent quarter on quarter in Q4, may have supported this result.

"‘Weekly inflation expectations’ eased last week, and the four-week moving average is down 0.2 percentage point so far this year. This comes ahead of this week’s January Consumer Price Index release, which we expect to show a moderation in annual inflation."

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