Consumer confidence rises for fourth straight week

The ANZ-Roy Morgan weekly gauge of consumer confidence ticked 0.9 per cent higher to mark its fourth consecutive week of increases as sentiment slowly begins to heal after the enduring COVID-19 lockdowns.

The measure hit 104.6 index points, rising above the 103.7 point average over the past four weeks but still far from the long-term average of 112.5 on data stretching back to 1990.

Confidence edged 4.4 per cent higher in Sydney and 1.5 per cent in Melbourne as the two cities head toward gradual reopening. However, sentiment decreased in Adelaide, Brisbane and Perth.

“People are optimistic but sentiment is still some way below its long-run average,” said David Plank, head of Australian economics for ANZ. “With Sydney and Melbourne headed towards re-opening in the next few weeks, confidence increased in both cities.”

Weekly inflation expectations remained at their pandemic high of 4.8 per cent.

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