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Australian Consumer Confidence Rises as Inflation Expectations Ease

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The ANZ-Roy Morgan Australian consumer confidence rose 2.3 points to 66.4 in the week of May 11 to May 17, ANZ reported Tuesday.

The four-week moving average inched up 0.5 points to 66.4 points.

Australian consumer confidence rose last week, with all subindices improving, but it remains near historically low levels since the series began in 1973, according to ANZ economist Sophia Angala.

Weekly inflation expectations eased last week to their lowest level since early March, though they remain elevated, reflecting persistent pressure from higher fuel prices and the risk of second-round effects feeding through the broader economy, Angala added.

Weekly inflation expectations fell to 6% from 6.4%, while the current financial condition indicator for 12 months rose 2.1 points to 60.4. The future financial conditions for the next 12 months increased to 75 points from 74.

Short-term economic confidence for the next year rose 2.2 points to 58.1, while medium-term economic confidence for the next five years increased to 74.2 points from 71.8.

The "time to buy a major household item" subcategory rose 3.8 points to 64.1.

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