Consumer confidence was up 1.4 per cent over the past week, but it remains at historically low levels.

The ANZ-Roy Morgan Australian Consumer Confidence index was up 1.4 percentage points to 77.3.

This is under the four-week average of 77.7, and close to 35 per cent under the monthly average since 1990 of 111.4.

ANZ senior economist Adelaide Timbrell said consumer confidence improved slightly due to improvements over “current and future” financial conditions.

“Confidence was still among the worst ten results since January 2020, seven of which have occurred between March and May of 2023,” Timbrell points out.

“This highlights the impact of cost-of-living pressure and rising interest rates.”