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The ANZ-Roy Morgan weekly consumer confidence survey is out with confidence ending 2022 on a weak note some 30 points below the long-run average:
The key drivers of this week’s move are as follows:
- ‘Weekly inflation expectations’ was unchanged at 5.9%, while its four-week moving average fell 0.1ppt to 6.0%.
- ‘Current financial conditions’ gained 0.5pts, rising by a total of 3.2pts over the past two weeks. ‘Future financial conditions’ lost 0.5pts after a 2.6pt gain the week before.
- ‘Current economic conditions’ dropped 3.5pts, partially reversing its 4.3pt rise the week before, while ‘future economic conditions’ rose by 1.1pts.
- ‘Time to buy a major household item’ saw a slight gain of 0.2pts.
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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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