Consumer confidence experienced a slight increase last week, rising by 0.3 points to reach 86.7 points. However, the four-week moving average showed a decrease of 0.4 points, settling at 87.2 points.
Weekly inflation expectations dropped by 0.3 percentage points to stand at 4.7 percent, with the four-week moving average remaining unchanged at the same figure.
In terms of financial conditions, there was a rise in 'current financial conditions' over the past year by 2.0 points, while 'future financial conditions' for the next twelve months saw a decline of 0.6 points.
Short-term economic confidence for the coming year decreased significantly by 3.6 points, whereas medium-term economic confidence over the next five years increased slightly by 0.6 points.
The subindex measuring 'time to buy a major household item' saw a notable jump of 3.2 points.
"Consumer Confidence rose just 0.3 points last week to 86.7 points," ANZ Economist Sophia Angala commented.
She further noted that "the ‘time to buy a major household item’ subindex saw the largest rise, lifting to its highest level since April 2022." This increase is attributed to end-of-financial-year sales events beginning.
Angala also highlighted an improvement in household financial confidence due to an optimistic outlook for the next twelve months.
"Soft headline gross domestic product (GDP) data last week may have driven weaker economic confidence," she added, despite noting robust yearly growth in household disposable incomes and an increase in real incomes per capita which could bolster ANZ-Roy Morgan Australian Consumer Confidence in future months.