• Consumer confidence fell 2.1 points last week to 86.5 points. The four-week moving average increased 0.3 points to 87.3 points.
• 'Weekly inflation expectations' ticked down 0.1 percentage point to 4.9%, while the four-week moving average was unchanged at 4.8%.
• 'Current financial conditions' (over the last year) declined 0.8 points, while 'future financial conditions' (next 12 months) ticked up 0.1 point.
• 'Short-term economic confidence' (next 12 months) decreased 3.9 points, and 'medium-term economic confidence' (next five years) fell 5.3 points.
• The 'time to buy a major household item' subindex lowered 0.6 points.
"The RBA held the cash rate at 3.85% last week, surprising the market and us. This decision is likely behind the 2.1 point fall in ANZ-Roy Morgan Australian Consumer Confidence," said ANZ Economist Sophia Angala.
"While the previous upward trend in Consumer Confidence is stalled for now, we expect a resumption of the improvement this year, as robust yearly growth in disposable incomes and further rate cuts (we expect 25bp cuts in August and November) flow through to households," Angala said.
"Mortgage holder confidence was steady last week despite the surprise hold by the RBA, though previous rate cuts this year have lifted mortgage-holder confidence and seem to have eased outright owner confidence. Outright owners are more likely to benefit from higher interest rates as they are more likely to be net savers."
