Consumer confidence dropped by 0.8 points to 86.9 points last week. The four-week moving average slightly increased by 0.1 points, reaching 87.4 points.
Weekly inflation expectations rose by 0.2 percentage points, now standing at 4.7 percent, with the four-week average remaining steady at 4.6 percent.
Current financial conditions over the last year showed an increase of 1.5 points, while expectations for financial conditions over the next twelve months saw a decrease of 1.5 points.
Short-term economic confidence for the next twelve months declined by 3.3 points, whereas medium-term economic confidence for the next five years fell by 3.5 points. Meanwhile, the subindex measuring the suitability of purchasing a major household item saw an uptick of 3.2 points.
Australian Consumer Confidence has seen a decrease of 2.9 points over the past fortnight, according to ANZ Economist Madeline Dunk. Yet it remains 1.8 points higher than before the Reserve Bank of Australia made its recent cash rate cut. Dunk suggested that last week’s drop may be influenced, in part, by ex-Tropical Cyclone Alfred's impact on southern Queensland and northern New South Wales communities.
Queensland, in particular, experienced a steeper decline in confidence compared to other mainland states. Dunk pointed out that global economic uncertainty could be contributing to this decrease, with household confidence in the five-year economic outlook dropping by 3.5 points. Confidence in the 12-month economic outlook also fell by 3.3 points.
Inflation expectations climbed over the past week and rose by 0.5 percentage points over the fortnight. However, Dunk highlighted, "it is worth noting that expectations have moved off roughly a three and a half year low of 4.2 percent."