Australian consumer confidence fell last week, mainly due to reduced optimism in the 12-month financial outlook, according to a report from ANZ and Roy Morgan published Tuesday.
The ANZ-Roy Morgan Consumer Confidence Index fell to 86.4 in the week of May 26 to June 1 from 87 in the prior week.
Confidence across housing groups has evened out, with sentiment among outright homeowners declining, while mortgage holder confidence has risen, boosted by interest rate cuts in February and May. Mortgage holder confidence is now at its highest level in three years.
Consumers' inflation expectations rose to 5% from 4.7% in the previous week. Current financial conditions since last year fell 0.1 points, while future financial conditions in 12 months fell 3.2 points.
Short-term economic confidence in the next year increased 1.2 points, while medium-term economic confidence over five years was down 1 point. The "time to buy a major household item" indicator declined 0.1 points.
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