Australian Consumer Confidence Falls, Remains Close to Lowest Level Since 1973, ANZ Says

-- Australian consumer confidence fell 0.6 points in the week of April 27 to May 3 to 67.2 points, remaining close to its lowest level since the series began in 1973, according to a Tuesday note from ANZ.

The four-week moving average rose 1.2 points to 66 points.

Weekly inflation expectations were up 0.1 percentage point to 6.7%, while the four-week moving average eased to 6.8%.

Current financial conditions over the last year declined 0.6 points to 62.4, while financial conditions over the next 12 months increased 1.4 points to 76.8.

Household confidence in economic conditions slightly weakened, likely reflecting last week's first-quarter inflation data, ANZ economist Sophia Angala said.

Short-term economic confidence over the next 12 months was up 0.9 points to 56.9, while medium-term economic confidence over the next five years dropped 1.9 points to 76.4.

Meanwhile, the "time to buy a major household item" sub-index decreased 2.4 points to 63.7.

The Reserve Bank is anticipated to increase the cash rate by 25 basis points to 4.35% in its decision on Tuesday, Angala said.