Australian consumer confidence has hit a six-month high, with the largest weekly jump in more than three years.
ANZ Economist Madeline Dunk said consumer confidence rose 5.9 points last week to 84.4 points, with the four-week moving average rising a point to be back above 80 points.
“Confidence recorded its largest weekly rise since April 2021,” Ms Dunk said.
“The improvement in confidence was broad-based, with each of the subindices increasing by at least five points.”
Ms Dunk said inflation expectations fell 0.1 percent to 5 percent, while the measure of current financial conditions increased 5.7 points and the measure of future financial conditions, for the next 12 months, rose by 5.3 points.
She said short-term economic confidence for the next 12 months lifted by 7.6 points with medium-term economic confidence (next five years) increased by 5.3 points.
“Households’ confidence in their current financial situation was the second highest since early-2023, suggesting they may be starting to see a boost to their incomes from the Stage 3 tax cuts and other cost-of-living relief measures.”
Ms Dunk said the next few weeks would be important in determining whether this is the start of a sustained recovery in consumer confidence.
