Australian Consumer Confidence Falls on Rate-Hike Concerns

MT Newswires Live09-29 08:52

The ANZ-Roy Morgan Australian consumer confidence fell 1.5 points to 70.5 in the week of Sept. 21 to 27, ANZ reported Tuesday.

The four-week moving average fell 1.1 points to 72.1, per the report.

Australian consumer confidence fell to its lowest level since late May, driven by weaker sentiment around personal finances amid expectations of a possible Reserve Bank of Australia (RBA) rate hike, while inflation expectations eased despite higher petrol and oil prices but remained elevated from earlier in the year, according to ANZ economist Sophia Angala.

The RBA is expected to raise the cash rate in September and November to 4.85%, its highest level since 2008, which is likely to weigh on household spending growth in the near term, Angala added.

Weekly inflation expectations fell to 5.7% from 6.1%, while the current financial condition indicator for 12 months decreased 2 points to 67. The future financial conditions for the next 12 months eased to 77.5 points from 82.6.

Short-term economic confidence for the next year rose 0.5 points to 61.6, while medium-term economic confidence for the next five years decreased to 74.9 points from 75.8.

The "time to buy a major household item" subcategory rose 0.3 points to 71.7.

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