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Australian Consumer Confidence Falls, Remains Around Historical Lows

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Australian consumer confidence fell 0.3 points in the week of May 18 to 24 to 66.1 points, as confidence remains around historical lows since the series started in 1973, according to a Tuesday note from ANZ.

The four-week moving average eased 0.4 points to 66 points.

Weekly inflation expectations were up 0.1 percentage point to 6%, while the four-week moving average fell to 6.3%.

Current financial conditions over the last year declined 3.5 points to 57.3, while financial conditions over the next 12 months decreased 2.1 points to 72.9.

Confidence in economic conditions showed a slight improvement, potentially influenced by news of the prospect of a US-Iran deal, ANZ economist Sophia Angala said.

Short-term economic confidence over the next 12 months was down 0.8 points to 56.9, while medium-term economic confidence over the next five years rose 1.2 points to 75.4.

The "time to buy a major household item" sub-index increased 4 points to 68.1, per the report.

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