Consumer confidence ticks up, ANZ warns of potential November RBA hike: ANZ-Roy Morgan

The news: Consumer confidence rose 0.3 points to 75.6, bringing the four-week moving average to 75.4 points, according to the latest ANZ-Roy Morgan data.

The context: ANZ economist Sophia Angala said the modest increase was buoyed by the “time to buy a major household” subindex, which was largely offset by weaker confidence in personal finances and economic outlook, ignited by escalating Middle East tensions.

Angala added that while ANZ projects the cash rate will remain unchanged at 4.35% until the second half of 2027, the bank does not rule out the risk of building inflationary pressures driving the RBA to increase rates in November, assuming the rate remains unchanged at the August meeting.