Consumer confidence lifts to second-lowest level on record: ANZ
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The news: The weekly ANZ-Roy Morgan Australian Consumer Confidence index is at its second lowest level since records began in 1973, picking up slightly from the record low posted last week following the federal government’s temporary cut to the fuel excise.
The numbers: Consumer confidence lifted by 3.5 points over the week to 62.3, although the four-week moving average fell 2.8 points to 63.2.
Weekly inflation expectations also eased by 0.1 point to 7.2%, while the four-week moving average rose from 0.2 points to 7%.
The assessment of ‘current financial conditions’ over the last year lifted 1.7 points and ‘future financial conditions’ over the next 12 months lifted 6 points.
‘Short-term economic confidence’ over the next 12 months lifted 3.3 points and ‘medium-term economic confidence’ over the next five years gained 4.4 points. The ‘time to buy a major household item’ subindex lifted 2.3 points.
The context: ANZ economist Sophia Angala flagged that the slight lift in consumer confidence occurred in the same week that the federal government announced a three-month reduction in the fuel excise.
The minutes from the RBA’s monetary policy board meeting in March was also released last week. Angala said the board flagged “some downside risks to household consumption in Q1 2026, as higher petrol prices and weak consumer confidence could weigh on spending”.
ANZ is expecting annual household consumption growth to ease from 2.4% in 2025 to 1.1% in 2026.
The source: ANZ-Roy Morgan Australian Consumer Confidence
