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Australian Consumer Confidence Rises as Financial Outlook Improves

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The ANZ-Roy Morgan Australian consumer confidence rose 2 points to 70.8 in the week of June 1 to June 7, ANZ reported Tuesday.

The four-week moving average rose 1.7 points to 68 points.

Consumer sentiment improved broadly last week, with gains in financial conditions and medium-term confidence hitting their strongest levels since late February, while willingness to purchase major household items continued to strengthen amid end-of-financial-year sales, according to ANZ economist Sophia Angala.

Housing confidence has softened on a four-week moving average basis since the start of the year, with mortgage holders recording the sharpest decline amid continued pressure from Reserve Bank of Australia rate hikes, Angala added.

Weekly inflation expectations rose to 6.1% from 5.9%, while the current financial condition indicator for 12 months was unchanged at 60.1. The future financial conditions for the next 12 months increased to 78.4 points from 75.1.

Short-term economic confidence for the next year edged down 0.6 points to 61.3, while medium-term economic confidence for the next five years increased to 80.4 points from 75.8.

The "time to buy a major household item" subcategory rose 2.6 points to 73.8.

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