Australian Consumer Confidence Falls After RBA's Rate Decision

MT Newswires Live
07-15

The ANZ-Roy Morgan Australian consumer confidence fell 2.1 points to 86.5 points in the week of July 7 to 13, ANZ reported Tuesday.

The four-week moving average increased 0.3 points to reach 87.3 points.

The bank expects the improvement in consumer confidence to resume this year, while the previous upward trend is stalled for now, as it believes robust yearly growth in disposable incomes and further rate cuts are yet to flow through to households.

Weekly inflation expectations fell to 4.9% from 5%, while the current financial condition indicator for 12 months slipped 0.8 points to 77.2. The future financial conditions for the next 12 months edged off to 96.6 points from 96.5.

Short-term economic confidence for the next year dropped 3.9 points to 80.6, while medium-term economic confidence for the next five years slid to 87.3 points from 92.6.

The "time to buy a major household item" subcategory inched down 0.6 points to 90.5.

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