Consumer confidence: down to a 2024 low
• Consumer confidence decreased 3.2 pts to 80.3pts. The four-week moving average fell 0.7pts to 82.1pts.
• ‘Weekly inflation expectations’ fell 0.2ppt to 5.0%, however the four-week moving average remained unchanged at 5.2%.
• The financial conditions subindices both declined. ‘Current financial conditions’ (over last year) dropped 4.2pts and ‘future financial conditions’ (next 12 months) fell 4.6pts.
• Household confidence in the economic outlook also dropped. ‘Short term economic confidence’ (next 12 months) decreased 3.7pts and ‘Medium term economic confidence’ (next five years) declined 3.6pts.
•The ‘time to buy a major household item’ subindex was stable.
ANZ Economist, Madeline Dunk said: "ANZ-Roy Morgan Consumer Confidence declined to its lowest level this year. Looking at the next 12 months, confidence in the outlook for the economy and for households’ personal finances both recorded the largest weekly declines since October last year. Both subindices fell to a 2024 low.
Confidence about the economic outlook over the next five years also dropped to its weakest level for the year. Confidence fell across the three housing cohorts. There was a particularly sharp fall in confidence amongst renters. Meanwhile, those paying off a mortgage recorded their lowest level of confidence this year."