Consumer confidence at a 32-month high

Consumer confidence rose 2.5 points last week to 88.5 points. The four-week moving average lifted 0.3 points to 86.9 points.

‘Weekly inflation expectations’ declined 0.4 percentage point to 4.6 per cent, while the four-week moving average fell 0.1 points to 5.0 per cent.

‘Current financial conditions’ (over the last year) increased 1.8 points, while ‘future financial conditions’ (next 12 months) eased 0.3 points. 

‘Short-term economic confidence’ (next 12 months) increased 1.8 points and ‘medium-term economic confidence’ (next five years) grew by 3.9 points.

The ‘time to buy a major household item’ subindex jumped 5.1 points. 

"ANZ-Roy Morgan Australian Consumer Confidence rose 2.5 points last week to 88.5 points, its highest level since May 2022," ANZ Economist, Sophia Angala said.

"Households are feeling more confident about the economic outlook, with short-term economic confidence rising to its highest level since April 2022 (before the first rate hike in May 2022), while economic confidence over the next five years reached a 12-month high.

"The decline in weekly inflation expectations and the broad-based lift across the subindices may have been influenced by discussion that the Reserve Bank of Australia (RBA) could cut rates at its February meeting. This comes after the quarterly CPI indicator showed that the RBA’s preferred measure of inflation, the trimmed mean, printed below RBA forecasts in Q4."

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