According to the analysts at Australia and New Zealand Banking Group (ANZ), the Australian “confidence edged up a touch last week, reversing the prior week’s decline. It remains well below average.”
“Overall financial conditions were little changed, with offsetting moves in ‘current’ and ‘future’ finances.
We also saw offsetting moves in economic conditions. ‘Current economic conditions’ gained 2.1%, while ‘future economic conditions’ declined 2.5% last week.
‘Time to buy a major household item’ gained 2.7% compared to a decline of 2.4% previously. The four-week moving average of ‘inflation expectations’ was up by 0.1ppt to 4.0%.
The weekly reading rose to 4.2%, its highest level since early September, perhaps reflecting the lift in headline inflation reported in the December 2019 CPI report.”