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Australian Consumer Confidence Falls on Weaker Economic Sentiment

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The ANZ-Roy Morgan Australian consumer confidence fell 2.6 points to 74.9 in the week of Aug. 24 to Aug. 30, ANZ reported Tuesday.

The four-week moving average was unchanged at 76 points, per the report.

Australian consumer confidence weakened last week, ending a four-week run of gains, as concerns over future economic conditions grew following stronger-than-expected inflation data, according to ANZ economist Sophia Angala.

The Reserve Bank of Australia is expected to raise its cash rate by 25 basis points to 4.6% in November, as persistent inflation and resilient household spending keep pressure on the central bank to tighten policy further, Angala added.

Weekly inflation expectation was unchanged at 6.1%, while the current financial condition indicator for 12 months was flat at 68 points. The future financial conditions for the next 12 months fell to 83.4 points from 84.2.

Short-term economic confidence for the next year fell 5.5 points to 67.2, while medium-term economic confidence for the next five years decreased to 78.9 points from 82.4.

The "time to buy a major household item" subcategory fell 3.4 points to 77.

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