Small rebound in confidence

•  Consumer confidence rose 1.0 points last week to 84.0 points. The four-week moving average ticked down 0.2 points to 84.6 points.

•  ‘Weekly inflation expectations’ dropped 0.5 percentage point to 4.7m per cent, while the four-week moving average remained at 5.1 per cent.

•  ‘Current financial conditions’ (over the last year) lifted 2.0 points, while ‘future financial conditions’ (next 12 months) was down 1.1 points.

•  ‘Short-term economic confidence’ (next 12 months) increased 1.0 points, and ‘medium-term economic confidence’ (next five years) jumped 3.7 points.

•  The ‘time to buy a major household item’ subindex declined 0.5 points.

"ANZ-Roy Morgan Consumer Confidence rose 1.0 point to 84.0 points. But its four-week moving average is hovering around a 12-month low. Last week’s rise was driven by improving confidence in economic conditions, noting this was supported by a bounce in the five-year economic outlook, after a 15-year low last week," said ANZ Economist Sophia Angala.

"In an interview last week, RBA Assistant Governor Hunter noted that consumer confidence is at a “relatively subdued” level. We see solid income growth, rising housing prices and a final RBA rate cut in February all supporting upward momentum in the consumer sector in the coming months," she said.

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