Consumer confidence dipped slightly over the weekend, an ANZ survey suggests, edging lower for the third consecutive week.
The ANZ-Roy Morgan Australian Consumer Confidence index fell 0.3 per cent from the previous week, with respondents’ perception of the country’s current economic conditions down 2.3 per cent and the “time to buy a household item” metric sliding 1.2 per cent.
But the weekly measure of sentiment, which is based on about 1,000 face-to-face interviews conducted on Saturdays and Sundays, recorded a 3.9 per cent increase regarding people’s current financial conditions and a 0.2 per cent rise about their financial conditions over the next year.
ANZ economist David Plank said “there was not a lot to drive consumer sentiment” in recent days, two weeks after the Reserve Bank of Australia cut interest rates to a record low of 1.25 per cent.
Consumer anticipation of inflation edged up slightly according to the survey released on Tuesday.
“The weekly reading of inflation expectations recovered to 4.0 per cent after falling to a low of 3.6 per cent, which should provide some relief for the RBA,” Mr Plank said.