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The Albanese Labor victory has failed to brighten the mood among Australian consumers, with the ANZ-Roy Morgan Consumer Confidence Index practically unchanged last week, with a decrease of 0.1%:
The key points are as follows:
- Among the major states, confidence increased in NSW, was unchanged in Victoria, and it dropped in Queensland, SA, and WA.
- ‘Weekly inflation expectations’ increased 0.2ppt to 5.5%, while its four-week moving average was unchanged at 5.3%.
- Three out of the five confidence subindices increased. ‘Current financial conditions’ dropped 4.4%, its third consecutive weekly decline. ‘Future financial conditions’ fell 5.5% after a 6.1% increase the week before.
- ‘Current economic conditions’ gained 1.5%, while future economic conditions were up 3.7%.
- ‘Time to buy a major household item’ rose 5.4%, after a 4.5% increase the previous week.
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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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