Consumer confidence: steady

Consumer confidence rose 0.2 points last week to 86.0 points. The four-week moving average lifted 0.5 points to 86.6 points.

‘Weekly inflation expectations’ decreased 0.2 points to 5.0 per cent, while the four-week moving average ticked up 0.1 points to 5.1 per cent.

‘Current financial conditions’ (over the last year) declined 1.5 points and ‘future financial conditions’ (next 12 months) jumped 2.6 points.

‘Short-term economic confidence’ (next 12 months) increased 0.9 points, while ‘medium-term economic confidence’ (next five years) was up 0.1 points.

The ‘time to buy a major household item’ subindex dropped 0.8 points.

ANZ Economist, Sophia Angala, said: "ANZ-Roy Morgan Australian Consumer Confidence was steady last week, rising just 0.2 points. Weekly inflation expectations fell 0.2 points to 5.0 per cent, but this was a pullback of the six-month high in the week prior."

"Households are feeling more confident about their future financial conditions and the economic outlook over the next 12 months. Notably, the short-term economic confidence subindex lifted to its highest level since April 2022, before the first rate hike in May 2022," said Angala.

"Across the housing cohorts, confidence amongst renters and mortgage-holders have moved sideways on a four-week moving average basis. Meanwhile, confidence amongst outright homeowners continues to move upwards, as the four-week moving average lifted to its highest level since the beginning of the rate hike cycle, May 2022."

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