After three consecutive weekly declines following Melbourne’s hard lockdown, the ANZ-Roy Morgan Consumer Confidence Index posted a 1.0% rise on 27/28 February, taking the index to around the long-run average (see next chart).
Australian consumer confidence has risen back to around the long-term average after posting a 1.0% weekly rise.
According to ANZ’s head of Australian economics, David Plank, consumers are becoming increasingly concerned about rising inflation, brought about in part by rising fuel prices. However, Plank does not think this will concern the Reserve Bank of Australia (RBA):
