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The ANZ-Roy Morgan consumer confidence index has been released, with confidence falling 1.4% to be tracking well below the long-term average:
The key movements were as follows:
- ‘Weekly inflation expectations’ rose 0.1ppt to 5.1% last week, its highest in more than seven years (December 2014). It’s four-week moving average remained at 4.9%.
- Consumer confidence decreased 1.4%, with weekly losses in four of its five subindices. Confidence dropped across all the states except for Victoria.
- ‘Current financial conditions’ was virtually unchanged with an increase of 0.2%. ‘Future financial conditions’ softened 0.7%.
- ‘Current economic conditions’ declined 2.5% after a 9.3% increase the week before. ‘Future economic conditions’ were down 1.1%.
- ‘Time to buy a major household item’ decreased 2.6%.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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