ANZ-Roy Morgan Consumer Confidence recovered slightly this week, up 2.3% in all mainland states, but is still sitting well below the same week a year ago.
The ramp-up in sentiment related to personal finances compared to a year ago and what is good news for retailers, the household buying intentions index rose 3%.
ANZ senior economist, Adelaide Timbrell said while consumer confidence increased last week it remained lower than before the February RBA cash rate hike.
“The confidence among those paying off their mortgage is still lower than the other groups, but average confidence rose for all three housing groups during the week, with gains for people who own their home outright, those paying off their mortgage and renters.”
However, household inflation expectations softened, potentially a lagged response to the rise in interest rates, she said.