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After last week crashing to its lowest level since April 2020, the ANZ-Roy Morgan weekly consumer confidence index rebounded 4.9% to its highest level since late June:
The key movements in the sub-indexes were as follows:
- Consumer confidence jumped 4.9% last week, completely reversing the drop following the RBA’s August rate hike. Confidence is the highest it has been since late June.
- ‘Weekly inflation expectations’ increased 0.2ppt to 5.8%, though the fourweek moving average was unchanged at 5.7%.
- All the confidence subindices improved except ‘Time to buy a major household item’, which dropped 0.5%.
- ‘Current financial conditions’ rose 5.4%. ‘Future financial conditions’ gained 8.2% from the week before and moved back above 100 and into net positive territory for the first time since late May.
- ‘Current economic conditions’ bounced 13.8%, to its highest level since early June. ‘Future economic conditions’ lifted 0.6%.
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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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