Australian ANZ-Roy Morgan consumer confidence continues to rise on upbeat economic outlook

Australian ANZ-Roy Morgan consumer confidence continued to rise, gaining 1.2 percent last week. With the exception of ‘Time to buy a household item’, which fell 2.9 percent, all the sub-indices were positive.

Current financial conditions rose by 1.2 percent, while future financial conditions were up 0.8 percent. These two indices have risen for three consecutive weeks. The measure of current financial conditions is its highest since early February.

Current economic conditions rose 3.0 percent while future economic condition were up 4.5 percent. The four-week moving average for inflation expectations was stable at 4.1 percent.

"Consumers are upbeat about both their personal outlook and the economy in general. The prospect of lower interest rates and what appears to be a major sentiment shift on the housing market are likely drivers of the positive outlook. The gain comes despite negative developments in the global economy. While the four-week moving average for inflation expectations was unchanged at 4.1 percent, the weekly reading dropped back under 4 percent. This is the fifth sub-4 percent reading since early March, an unprecedented run of low results for this survey," said David Plank, ANZ Head of Australian Economics.