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Australia’s ANZ-Roy Morgan Australian Consumer Confidence bounced a strong 5.6 percent last week to 123.0, following a 1.0 percent decline in the previous week. The details were positive, with all sub-indices posting gains.
Views towards current economic conditions recovered sharply last week (up 8.9 percent), following two successive weekly declines. This sub-index is currently at its highest point in eighteen weeks. Similarly, households’ views towards future economic conditions rose 8.7 percent to 118.0, the highest since November 2013.
Consumers’ views towards current financial conditions rose 3.9 percent to 109.1, partially reversing the cumulative 4.7 percent decline over the last two weeks. Consumers also remain optimistic about future financial conditions, which were up 1.6% last week on the back of a 3.3 percent rise in the previous week.
The ‘time to buy a household item’ sub-index rose 5.7 percent last week to 144.0 and remains well above its long-term average (134.0). Four-week moving average inflation expectations edged up to 4.5 percent, from previously 4.4 percent.
"In the near term, we expect another strong jobs growth print later this week, which should act to consolidate this rise in consumer confidence. That said, geopolitical developments continue to evolve and have the potential to weigh on confidence. Looking forward, however, it will be interesting to see whether higher confidence translates into stronger spending, given a softening housing market, still low wage growth, high levels of debt and a low savings rate," said Jo Masters, Senior Economist, ANZ Research.
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