A survey conducted by the Australian and New Zealand Banking Group (ANZ) and Roy Morgan found that Australian consumer confidence rose 2.1% last week. This is the third week in a row that the index has risen, as the price of gasoline has fallen and pressure on household budgets has been eased.
Weekly inflation expectations fell 0.5% to 5.5%, the lowest level since late May, and the 4-week average declined 0.1% to 5.8%.
Confidence in current financial conditions increased 0.5%, while confidence in future financial conditions increased 5.3%, confidence in the current economy increased 1%, and confidence in the future economy increased 5.3%.
David Plank, head of ANZ’s Australian economics division, said consumer confidence was rising despite news that headline inflation had risen above 6% in a cycle through June.