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Australian Consumer Confidence Records Second Consecutive Weekly Rise

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Australian consumer confidence rose 3.1 points in the week of June 22 to 28 to 75.9 points, its highest level since early March, according to a Tuesday note from ANZ.

The pick-up may be related to the decline in the unemployment rate seen in the May Labour Force Survey released last week, ANZ said, adding that it is also possible that the decrease in petrol prices is supporting confidence and adding to the decline in inflation expectations.

The four-week moving average rose 1.8 points to 72.6 points.

Weekly inflation expectations were down 0.2 percentage points to 5.6%, while the four-week moving average fell to 5.9%.

Current financial conditions over the last year rose 2.1 points to 64.5, while financial conditions over the next 12 months rose 5.9 points to 84.8, the highest level since February.

Short-term economic confidence over the next 12 months was up 6.6 points to 71.1, while medium-term economic confidence over the next five years rose 4.5 points to 83.1.

The "time to buy a major household item" sub-index fell 3.5 points to 76.1, per the report.

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