Australia’s weekly consumer confidence bounces on improved views over current financial conditions

Australia’s ANZ-Roy Morgan consumer confidence bounced 1.5 percent last week, more than reversing the 1.3 percent fall witnessed in the prior week. Slight falls in sentiment towards future finances and current economic conditions were offset by solid improvements in views towards the remaining sub-indices.

Households’ perception of current financial conditions improved 3.7 percent last week, partially reversing the 4.8 percent fall in the previous week. Meanwhile, sentiment towards future financial conditions moderated (down 0.4 percent) following three straight weekly rises.

Households were a touch less optimistic about current economic conditions (down 1.2 percent), though sentiment towards future conditions improved a solid 3.3 percent last week. The 'time to buy a household item' sub-index reversed its 2.3 percent decline in the previous week to remain unchanged over a two week period. Four-week moving average inflation expectations also remained  unchanged at 4.3 percent.

"Overall, while confidence has fallen from its high in June, it remains well above average levels and, in four-week moving average terms, confidence appears to be past its low," said Jo Masters, Senior Economist, ANZ Research.