Australia: Consumer confidence surges to a 22 week high - ANZ

ANZ-Roy Morgan Australian Consumer Confidence rose for the second straight week (up 2.9%) and now sits at its highest point since late February, notes the analysis team at ANZ.

Key Quotes

“Despite the jump in the headline index, the details were more mixed, with views towards economic conditions rising sharply but confidence in financial conditions easing a touch.”

“Households’ views around current and future financial conditions slipped 1.2% and 0.9% respectively. Both subindices remain above or close to their long term averages.”

“Consumers’ views towards current economic conditions shot up 12.3% last week, bringing the subindex to its highest point since September 2013. Views around future economic conditions also rose a solid 8.2%, following a 2.7% increase in the previous week.”

“The ‘time to buy a major household item’ rose 0.9% last week, following a 1.8% rise previously. This subindex remains well above its long term average.”

“Inflation expectations were unchanged at 4.3% on a four-week moving average basis, although the weekly value bounced to 4.4%.”