Australian Consumer Confidence Rises With Improving Confidence in Economic, Financial Outlook

Australian consumer confidence rose 0.6 points to 75.3 points in the week of July 6 to 12, with improving confidence in economic and financial outlook over the next 12 months, according to a Tuesday note from ANZ. The four-week moving average rose 1.1 points to 74.7 points. Weekly inflation expectations were up 0.3 percentage points to 5.7%, following four consecutive weekly declines, while the four-week moving average fell to 5.6%. Inflation expectations have declined since April, reaching their lowest level on a four-week moving average basis since mid-March, ANZ economist Sophia Angala said. Current financial conditions over the last year rose 1.4 points to 65.3, and financial conditions over the next 12 months also rose 2 points to 84.6. Short-term economic confidence over the next 12 months was up 2.1 points to 69.3, while medium-term economic confidence for the next five years fell 1.9 points to 80.6. Meanwhile, the "time to buy a major household item" sub-index fell 1 point to 76.5, per the report.