Consumer confidence edges higher on improved financial outlook: ANZ-Roy Morgan
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The news: Consumer confidence rose 0.6% last week to 75.3 points, lifting the four-week moving average to 74.7 points, according to ANZ-Roy Morgan’s latest data.
The context: ANZ economist Sophia Angala said the modest increase was driven by improved confidence in the economic and financial outlook over the next 12 months, with the latter subindex reaching its highest level since early March.
However, medium-term economic confidence fell 1.9 points in the same week that RBA assistant governor Sarah Hunter said economic growth would need to slow to bring inflation back within the central bank’s 2%–3% target range.
Angala added that weekly inflation expectations rose after four consecutive weekly declines, reflecting renewed inflation risks as the Middle East conflict re-escalated during the survey period.
Despite the weekly increase, inflation expectations have trended lower since April. On a four-week moving average basis, inflation expectations are at their lowest level since mid-March.
The source: ANZ-Roy Morgan
