Source: ANZ statements
“Consumer Confidence has plateaued, with the four-week moving average largely steady since early August,” ANZ Economist, Madeline Dunk said.
“Weekly confidence is currently 2.1 points below the July peak of 84.4 points, which marked a six-month high in the series. The Stage 3 tax cuts and cost-of-living relief do not appear to be progressively boosting households’ confidence.
“We are, however, seeing a sustained improvement in inflation expectations which were stable at a 32-month low of 4.6 per cent. Lower petrol prices may be supporting this shift.
“The result is likely be welcomed by the Reserve Bank of Australia, with Governor Michele Bullock noting last week that having well-anchored inflation expectations helps to stabilise the economy, support economic growth and create more jobs.”