The ANZ Roy Morgan consumer confidence index plunged 3.2 points last week to its lowest level of the year ahead of Tuesday’s expected interest rate hike from the Reserve Bank of Australia (RBA):
The key movements in the sub-indices were as follows:
- Consumer confidence decreased by 3.2pts last week to 83.6, its lowest level so far this year. Confidence declined across all five mainland states.
- ‘Weekly inflation expectations’ rose 0.3ppt to 5.4%. Its four-week moving average increased by 0.1ppt to 5.4%.
- All the five confidence subindices registered losses. ‘Current financial conditions’ fell 3.2pts. ‘Future financial conditions’ dropped 4.7pts falling below the neutral level of 100 for the first time this year.
- ‘Current economic conditions’ decreased 1.7pts, while ‘future economic conditions’ were down 3.2pts.
- ‘Time to buy a major household item’ declined 2.9pts.
