Consumer confidence in Australia increased last week, with the index rising by 2.9 points to reach 87.1 points. The four-week moving average also edged up by 0.3 points to 84.8 points.
Weekly inflation expectations grew by 0.2 percentage point to 5.4 percent, and the four-week moving average for inflation expectations moved up by the same margin to 5.3 percent.
Measures of personal financial conditions improved as well. The indicator for current financial conditions over the past year was up by 0.6 points, while future financial conditions for the next twelve months rose by 2.0 points.
Short-term economic confidence, which reflects expectations for the next year, gained 1.8 points, and medium-term economic confidence over a five-year horizon climbed by 3.6 points.
The subindex measuring whether it is a good time to buy a major household item saw a notable increase of 6.0 points.
ANZ Economist Sophia Angala commented: "ANZ-Roy Morgan Australian Consumer Confidence rose 2.9 points last week to 87.1 points, its highest level since early September. All subindices recorded an increase last week, but the result was driven by a jump in the ‘time to buy a major household item’ subindex. This was likely linked to sales events ahead of Black Friday on the 28 November."
She added: "Weekly inflation expectations lifted to its highest rate since December 2023. Last week’s rise comes ahead of the first release of the full monthly Consumer Price Index (CPI) for October (due 26 November), which we expect to show slight disinflation compared to September."