Consumer confidence has shown a slight increase, rising by 0.2 points to reach 86.7 points last week. The four-week moving average also experienced growth, increasing by 0.8 points to stand at 86.8 points.
Weekly inflation expectations saw an uptick, reaching 4.9 percent, while the four-week moving average increased by 0.1 percentage point to 4.7 percent.
Current financial conditions over the past year eased by 1.8 points, and future financial conditions for the next twelve months declined by 0.6 points.
Short-term economic confidence for the next twelve months fell by 1.9 points; however, medium-term economic confidence for the next five years rose slightly by 0.2 points.
The subindex measuring whether it is a good time to buy a major household item increased significantly by 4.9 points.
"Consumer Confidence was steady last week after the Reserve Bank of Australia (RBA) kept rates on hold," ANZ Economist Madeline Dunk stated.
"Confidence continues to trend upwards, with the four-week average now at its highest level since January 2023."
Dunk added that "the four-week average of consumer confidence amongst outright homeowners and those paying off a mortgage reached its highest level since June 2022, which was just one month after the RBA started lifting the cash rate." She noted that those paying off their mortgage are now more confident on average than renters.
"The ‘time to buy a major household item’ rose 4.9 points to its highest level since January 2023," Dunk mentioned, suggesting this may be linked to early pre-Black Friday sales events.