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ANZ-Roy Morgan Australian Consumer Confidence rose by 0.9% as the floods in southern Qld and northern NSW receded. This took it just above neutral but left it well below average:
Key points as follows:
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- Consumer confidence increased slightly by 0.9% last week with the states registering varied movements, most likely based on local factors.
- Confidence rose in NSW, Queensland and SA, while it dropped in Victoria and WA.
- ‘Weekly inflation expectations’ fell 0.1ppt to 5.2%, but its four-week moving average increased 0.1ppt to 5.2%.
- ‘Current financial conditions’ increased a touch by 0.1%, while ‘future financial conditions’ rose 2.9%.
- ‘Current economic conditions’ declined 3.1%, its third consecutive weekly fall. ‘Future economic conditions’ rose 2.2% after a 6.1% fall in the past three weeks.
- ‘Time to buy a major household item’ increased by 2.0%.
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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.