SYDNEY, March 26 (Xinhua) -- The Australian consumer confidence jumped 1.4 points (pts) last week to 83.1 points, with the index spending a record 59 straight weeks below the mark of 85, according to a report released on Tuesday.
Experts from the Australia and New Zealand Banking Group (ANZ) as well as the Roy Morgan research company found that the country's consumer confidence sat 5.2 points above the same week a year ago but 1.3 points below this year's weekly average of 83.
When asked about current financial conditions, about 18 percent said that their families are "better off" financially than the same period last year, which is the lowest figure for this indicator so far this year.
Just one in 10 Australians expected "good times" for the Australian economy over the next 12 months compared to nearly a third, while 31 percent anticipated "bad times."
The report came after the Reserve Bank of Australia left the cash rate target on hold at 4.35 percent following their board meeting on March 19.
The target has been remaining at its current level since November last year when the central bank lifted it from 4.1 pct to 4.35 pct.
"ANZ-Roy Morgan Australian Consumer Confidence was broadly unchanged last week. Meanwhile, inflation expectations fell to their lowest level since February 2022. This is likely to be welcomed by the RBA, given the Board's focus on inflation expectations remaining anchored," ANZ Economist Madeline Dunk commented.
"Confidence amongst households paying off a mortgage declined 6.4pts to its lowest level this year, despite expectations the RBA will keep the cash rate on hold today. Confidence amongst renters remains weak, declining 1.8pts. The situation is a little better for those who own their home outright, with confidence rising 5.5pts," Dunk added. ■
