Consumer confidence has shown a slight increase, rising by 0.1 points to reach 86.8 points last week. However, the four-week moving average saw a decline of 0.2 points, settling at 86.6 points.
Weekly inflation expectations decreased to 4.7 percent, maintaining stability in the four-week moving average at the same rate.
In terms of financial conditions, there was an improvement over the past year with a rise of 1.2 points in 'current financial conditions'. Additionally, 'future financial conditions' for the next 12 months experienced a minor increase of 0.2 points.
The index measuring 'short-term economic confidence' for the upcoming year climbed by 2.3 points, whereas 'medium-term economic confidence' over the next five years dropped by 2.1 points.
The subindex evaluating whether it is a good time to purchase major household items declined by 1.3 points.
"Consumer confidence continues to move within a narrow range, with the series rising 0.1 points last week," ANZ Economist Madeline Dunk stated.
Dunk further noted that "optimism about the coming year has been rising since July." She highlighted that household confidence in the economic outlook for the next year has increased by 10.7 points since early July, marking it as "the strongest gain in the subindices over the second half of the year." Confidence regarding personal finances for the upcoming year also gained momentum with an increase of 8.2 points since July.
She added that "inflation expectations eased 0.2 percentage point to 4.7 per cent," which might be attributed to last week's third quarter Wage Price Index report indicating a slowdown in wage growth across various sectors.
"The data are likely to give the RBA more confidence that wage growth is returning to a rate that is consistent with its target of 2-3 per cent inflation," Dunk concluded.