Aussie consumer confidence stuck at recessionary levels

The ANZ-Roy Morgan consumer confidence index rose another 0.7% over the past week, which follows the prior week’s 0.2% increase:

The key movements across the sub-indices were as follows:

• Consumer confidence increased slightly by 0.7% last week after a 0.2% increase the week before. Among the mainland states, confidence improved in NSW, Victoria, SA and WA, while it dropped in Queensland.
• ‘Weekly inflation expectations’ rose 0.2ppt to 6.0%, while its four-week moving average remained steady at 5.9%.
• The confidence subindices’ performance was mixed. ‘Current financial conditions’ rebounded 6.9% after a 17% drop over the previous 10 weeks. ‘Future financial conditions’ were down 2.1%.
• ‘Current economic conditions’ edged lower by 0.4% after a 4% increase the week before. ‘Future economic conditions’ dropped 3.9%.
• ‘Time to buy a major household item’ gained 5.2% after a 10.7% loss over the previous three weeks.