Consumer confidence in Australia increased slightly last week, rising by 0.7 points to reach 84.2 points, according to recent data. The four-week moving average for consumer confidence remained steady at 84.5 points.
Weekly inflation expectations stayed at 5.2 percent, with the four-week moving average increasing marginally to 5.1 percent.
Financial conditions over the past year declined by 0.9 points, and expectations for future financial conditions over the next 12 months fell by 3.8 points. However, short-term economic confidence for the next year rose by 2.1 points, while medium-term economic confidence for the next five years was up by 1.2 points.
The subindex measuring whether it is a good time to buy a major household item recorded a notable increase of 5.2 points.
ANZ Economist Sophia Angala commented on the results: "Consumer Confidence rose 0.7 points last week to 84.2 points. The rise was driven by a 5.2 points increase in the ‘time to buy a major household item’ subindex, as Black Friday sales events began during the survey period."
She added: "Consumers’ confidence in their economic conditions also improved. The end to the US federal government shutdown and a decline in Australia’s unemployment rate in October may have supported this."
Angala also noted shifts among housing cohorts: "Across the housing cohorts, on a four-week moving average basis, mortgage-holder confidence rose above outright homeowner confidence for the first time since early July."
"Renter confidence dropped to its lowest level since August 2024. This contrasts with the rate hiking cycle when mortgage holders were the least confident housing cohort," she said.
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