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Consumer Confidence Improves For First Time In 2 Months

The ANZ-Roy Morgan Consumer Confidence index improved for the first time in seven weeks, rising by 2.4% last week. It is now sitting 24.2 points lower than a year ago, and 5.4 points below the 2020 weekly average of 94.0.

“Confidence strengthened last week as the rate of growth in COVID-19 cases declined in Melbourne and Sydney. The positive July labour market data, which was better than market expectations, may have contributed to the lift in sentiment,” said David Plank, ANZ Head of Australian Economics.

“Confidence of Melbourne consumers lifted the most, but is still the lowest of the major capital cities. The move higher follows seven straight weeks of falls, so a tick up was due; and with confidence remaining at a level that is well below average we aren’t getting too carried away by the positive result. Consumers are still very cautious about the outlook.”

All sub-indices grew, with the exception of ‘current finances’, which fell 1.9%. ‘Current economic conditions’ increased the most significantly, up a massive 10.6%.

The ‘time to buy a household item’ gained 1%, after falling 8.6% the previous week.

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