Australian Consumer Confidence Jumps as Household Inflation Expectations Eased

Weekly Consumer confidence climbed 4.9 points last week to 87.4, starting the new year with the first increase since 2018, ANZ-Roy Morgan consumer survey showed on Tuesday. Inflation expectations dropped from the end of 2022, falling 0.9% to 5%. Its moving average for the last four releases fell 0.3 percentage points to 5.7 per cent. Confidence is still well below the neutral level (100) and the long-run average of 111.7.

Highlights

  • Current economic conditions + 6.1 points,
  • Ffuture economic conditions +3.3 points.
  • “Time to buy a major household item” +6.5 points.

Adelaide Timbrell, a senior economist at ANZ.

  • “While homeowners paying off mortgages are still reporting lower confidence than renters and outright owners, average confidence among all three groups rose in the new year,”
  • “Household inflation expectations eased significantly from the last print of 2022, suggesting cautious optimism about lower inflation through 2023”.

Source: ANZ

From The TradersCommunity Research Desk