• Consumer confidence fell 1.3 points last week to 89.3 points. The four-week moving average lifted 0.7 points to 88.2 points.
• 'Weekly inflation expectations' declined 0.2 percentage points to 5%, while the four-week moving average rose to 5%.
• 'Current financial conditions' (over the last year) fell 1 point, while 'future financial conditions' (next 12 months) dropped 1.8 points.
• 'Short-term economic confidence' (next 12 months) increased 2 points, and 'medium-term economic confidence' (next five years) declined 2.9 points.
• The 'time to buy a major household item' subindex fell 3.0 points.
"While ANZ-Roy Morgan Australian Consumer Confidence recorded a small fall last week, on a four-week moving average basis the series is at its highest level in more than three years. Over the past month, confidence has risen 2.8 points, driven by a 6.5-point lift in household confidence in the economic outlook over the coming year. There has also been a 4.1-point improvement in how households are feeling about their finances compared to last year," said ANZ Economist Madeline Dunk.
"There are signs the gradual lift in confidence is flowing through into household spending, with recent data looking robust. Rate cuts, falling inflation and a continual improvement in real household incomes should all support consumer confidence," she said.
"We expect the RBA to cut rates 25 basis points today and again in November, taking the cash rate to 3.35%."
