The ANZ-Roy Morgan Australian Consumer Confidence rose 1.5 points to 76.5 in the week of Aug. 17 to 23, taking confidence to its highest level in 24 weeks, ANZ Research reported Tuesday.

The four-week moving average rose 0.2 points to 74.4 points, per the report.

The pick-up in confidence was driven by an improvement in householders' confidence in their financial situation, especially over the next year, according to ANZ economist Madeline Dunk. On a four-week moving average basis, confidence amongst renters is at its highest level since January.

Compared to households who own their home outright, confidence amongst renters is at its strongest since 2022, Dunk added. The softer confidence amongst homeowners may be linked to the recent downturn in the housing market.

Weekly inflation expectations rose to 5.8%, increasing by 0.1 percentage points, while the current financial condition indicator for 12 months increased 3.6 points to 69. The future financial conditions for the next 12 months rose by 5.9 points to 88.3 points.

Short-term economic confidence for the next year eased 1.5 points to 68, while medium-term economic confidence for the next five years decreased by 1.9 points to 80.4 points from 82.3.

The "time to buy a major household item" subcategory rose 0.9 points to 76.6.