Slight Consumer Confidence Rebound, Still At Recession Level
The weekly ANZ-Roy Morgan consumer confidence survey shows a 2.4 per cent rise, but remains at recession-level lows.
Overall confidence jumped 2.4 points to 74.9, while ‘expectations of current financial conditions’ rose 6.8 per cent this week – although it plummeted 10.6 per cent over the last month.
“Consumer confidence rose last week but was still below 80 for the 17th straight week, the longest it has been this low since the 1990-91 recession,” says ANZ senior economist, Adelaide Timbrell.
“Confidence in ‘Future financial conditions’ fell to its weakest since March 2020, ahead of the RBA July meeting, which we expect will include a cash rate increase.
“Perhaps related to shaky financial confidence, inflation expectations jumped 0.4ppt to 5.9 per cent, its highest since mid-March.”
The Reserve Bank is roundly tipped to implement yet another interest rate rise when it meets next Tuesday.