Australia’s ANZ consumer confidence rises modestly in April, highest in 11 weeks

Australia’s ANZ consumer confidence index for the month of April rose a modest 0.7 percent last week to 119.2, its highest value in 11 weeks. The details were mixed: a rise in views towards current financial and economic conditions was offset by lower expectations of future economic conditions.

Households’ views toward current financial conditions bounced 1.7 percent last week following a 2.4 percent decline previously. Views towards future conditions edged up 0.2 percent, the third straight weekly increase (gains of 1.6 percent and 3.5 percent in the previous two weeks). Both sub-indices remain above their long term averages.

Consumers continued to be optimistic about year-ahead economic conditions, with sentiment rising a solid 3.9 percent last week, after a similar rise in the previous week. Views towards future conditions were more restrained.

This sub-index slipped 0.7 percent last week, partially reversing the previous week’s 3.2 percent rise. The 'time to buy a household item' sub-index eased 0.9 percent last week off a solid 4.1 percent bounce previously. Inflation expectations remained steady at 4.4 percent on a weekly basis.

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