The ANZ-Roy Morgan Australian Consumer Confidence Index has shown signs of recovery, climbing 2.0 points to 88.0 last week. This increase partially offsets the decline recorded in the previous week. Despite this weekly improvement, the four-week moving average experienced a slight decrease, easing by 0.6 points to 88.2.
According to ANZ economist Sophia Angala, the overall rise in confidence was primarily driven by a significant 6.9 point surge in the “time to buy a major household item” subindex. This subindex had previously fallen to a three-month low. Additionally, short-term economic confidence showed a positive trend, increasing by 2.3 points. However, medium-term economic confidence experienced a slight setback, falling by 0.5 points during the same period.
In terms of inflation expectations, the weekly figure saw a marginal decrease, settling at 4.9 per cent. Meanwhile, the four-week average remained stable at 5 per cent. This stability suggests that consumer inflation expectations are holding steady, despite the recent spike in headline inflation figures for July. The ANZ-Roy Morgan Australian Consumer Confidence Index provides a weekly measure of Australians’ views on current and future financial conditions and economic outlook.
Roy Morgan is Australia’s longest established, and one of the world’s leading, independent research companies, with offices in each state of Australia, as well as in the United States, the United Kingdom and New Zealand.
