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ANZ Consumer Confidence Rises Slightly Despite Rate Hike

AUSTRALIA DATA

ANZ consumer confidence rose 0.2% last week despite the RBA hike. This was the first increase during a week that included an RBA meeting this tightening cycle. ANZ suggests this may mean that consumers are expecting the central bank to pause soon. This measure of consumer confidence remains depressed but off of its mid-November low.

  • Inflation expectations rose 0.1pp to 5.9% with the 4-week average down 0.1pp to a still elevated 6.1%.
  • Consumer confidence was boosted by a 4.3 point jump in “current economic conditions” to its highest level since late September. However, “future economic conditions” fell 1.3 pts. The financial conditions components rose after declining the week before.
  • Confidence rose 1.9 points and 0.2 points for homeowners and renters respectively, whereas it fell 1.3 points for mortgage holders.
  • “Time to buy a major household item” slumped 6.8 points after rising strongly around the time of the Black Friday sales.
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