This article is from the Australian Property Journal archive
RENTERS are once again feeling more confident than those paying off a home loan, despite another fall in overall consumer confidence.
According to the latest ANZ-Roy Morgan Australian Consumer Confidence Rating, confidence is down 0.4pts for the week to 82.6pts, with the four-week moving average also declining with a 0.1pt drop to 82.7pts.
At the same time, weekly inflation expectations were up 0.1pts to 4.8%, with the four-week moving average down from 5.0% to 4.9%.
The “time to buy a major household item” sub index was up 2.6pts over the week, following the 6.0pt decline in the week prior.
“ANZ-Roy Morgan Australian Consumer Confidence was relatively steady last week, falling just 0.4pts. The economic and financial conditions subindices declined, although this was partly offset by a lift in the ‘time to buy a major household item’ measure,” said Madeline Dunk, economist at ANZ.
“Inflation expectations inched up just 0.1pts in the week to 4.8% after falling to a 2.5-year low the week before.”
Confidence in current financial conditions has dropped 1.5pts, with future financial conditions down 1.0pts. With short-term economic confidence down 0.8pts and medium-term economic confidence down 1.4pts.
“Since the start of July there has been a steady move higher in ANZ-Roy Morgan Consumer Confidence amongst renters, and the four-week moving average is at its highest level since March 2023. Confidence amongst renters is once again higher than it is for those paying off a home loan,” added Dunk.
