Consumer confidence holds steady: ANZ-Roy Morgan

The news: The Australian consumer confidence was broadly unchanged last week, edging down 0.2 points to 64.3 points, with the four-week moving average at 62.5 points.

The context: The “weekly inflation expectations” rose 0.4 percentage points to 7.1%.

ANZ Economist Sophia Angala said consumer confidence at 64.3 points is the fourth-lowest level since the inception of the record in 1973.

She added the modest decline reflected weaker economic confidence following March’s labour force data, which showed the unemployment rate remained at 4.3%. Angala sees higher fuel prices and softer confidence as likely to weigh on consumer spending.

ANZ maintained its forecast for 25 basis point rate rise at the Reserve Bank’s upcoming May meeting.