Consumer Confidence declines

Consumer confidence fell 2.1 points last week to 87.7 points. The four-week moving average dropped 0.2 points to 87.3 points.

‘Weekly inflation expectations’ rose 0.3 percentage point to 4.5 per cent, while the four-week moving average was steady at 4.6 per cent.

‘Current financial conditions’ (over the last year) decreased 2.4 points, while ‘future financial conditions’ (next 12 months) declined 5.9 points.

‘Short-term economic confidence’ (next 12 months) fell 0.9 points and ‘medium-term economic confidence’ (next five years) lowered 1.3 points.

The ‘time to buy a major household item’ subindex ticked down 0.2 points.

"ANZ-Roy Morgan Australian Consumer Confidence fell 2.1 points last week to 87.7 points, but the series is still up 2.6 points in the past fortnight, since the Rerserve Bank Australia’s 25 basis points rate cut," ANZ Economist, Sophia Angala said.

"All subindices recorded a decline in the week. Last week’s data showing weak investment intentions and lower-than-expected non-residential construction work done may have dampened confidence regarding economic conditions,

"Weekly inflation expectations rose to 4.5 per cent last week despite the January monthly CPI indicator steadying at 2.5 per cent year on year. On a four-week moving average basis, the series has gradually lowered from 5.1 per cent to 4.6 per cent, its lowest level so far this year."

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