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Australian Consumer Confidence Rises, Reaches 'Relatively Steady' State, ANZ Says

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Australian consumer confidence rose 0.3 points in the week of Aug. 3 to 9 to 75 points, reaching a relatively steady state, according to a Tuesday note from ANZ.

The four-week moving average eased 0.1 points to 74.1 points.

Weekly inflation expectations fell 0.2 percentage points to 5.7%, while the four-week moving average was unchanged at 5.7%.

Current financial conditions over the last year increased 0.2 points to 65.4, while financial conditions over the next 12 months declined 1.5 points to 82.4.

The decline in households' confidence in the 12-month outlook for their finances and the rise in inflation expectations may have been due to a pick-up in petrol prices, ANZ economist Madeline Dunk said.

Short-term economic confidence over the next 12 months was up 2.7 points to 69.5, while medium-term economic confidence over the next five years rose 2.1 points to 82.3.

The "time to buy a major household item" sub-index fell 1.9 points to 75.7, per the report.

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