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The ANZ-Roy Morgan Research weekly consumer confidence survey is out with confidence rising 2.7% after a 10.4% decline over the previous six weeks:
The key points from the release are as follows:
- Among the mainland states, confidence increased in NSW and Queensland, dropped in SA and WA and was unchanged in Victoria.
- ‘Weekly inflation expectations’ dropped 0.3ppt to a still elevated 6.5% last week. Its four-week moving average rose 0.1ppt to 6.5%.
- The subindex results were mixed. ‘Current financial conditions’ fell 0.8%, having fallen in seven of the past nine weeks. ‘Future financial conditions’ climbed 4.9%.
- ‘Current economic conditions’ jumped 8.5%, more than offsetting the 7.2% decline over the previous three weeks. ‘Future economic conditions’ gained 3% after a 4.8% fall the week before.
- ‘Time to buy a major household item’ dropped 1.9%, falling to its lowest since April 2020 during the early months of the COVID lockdowns.
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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.