Consumer confidence in Australia declined last week, with the ANZ-Roy Morgan Australian Consumer Confidence index falling by 1.3 points to 84.6. The four-week moving average also decreased by 0.3 points to 87.0.
Weekly inflation expectations rose slightly by 0.1 percentage point to reach 5.0 percent, while the four-week moving average for inflation expectations remained unchanged at 4.9 percent.
The report showed mixed results in financial conditions: current financial conditions over the past year eased by 2.3 points, but future financial conditions for the next twelve months increased by 1.0 point.
Short-term economic confidence, which measures expectations for the next twelve months, dropped by 1.4 points, while medium-term economic confidence looking five years ahead increased by 0.7 points.
The subindex tracking whether it is a good time to buy a major household item fell sharply, dropping by 4.8 points.
"ANZ-Roy Morgan Australian Consumer Confidence declined for the second consecutive week, driven by falls across most subindices. Economic confidence weakened slightly, as household confidence in the economy over the next year fell to its lowest level since 13 April (the first survey week following US tariff announcements). Soft labour market data last week may have driven this result," said ANZ Economist Sophia Angala.
"Looking ahead, ANZ-Indeed Australian Job Ads remain elevated, and a trend upwards in business conditions should see the unemployment rate remain low. That should support consumer spending, although the soft patch in confidence does present a note of caution."