By James Glynn

Australian consumer confidence nudged higher last week, but remains depressed more broadly.

Confidence rose 0.9 points to 86.9 points last week, according to a survey by the ANZ Bank and pollster Roy Morgan.

Weekly inflation expectations dropped by 0.6 percentage points to 5.1%, with its four-week moving average falling 0.2 percentage points to 5.3%, its lowest since late September 2022, the survey showed.

Four of the five confidence subindices gained. Sentiment around current financial conditions rose 1.5 points over the week, while future financial conditions increased 0.6 points.

Confidence around current economic conditions decreased 1.0 point, while future economic conditions rose 2.1 points, the survey showed.

Consumers were more confident about buying a major household item with the measures gaining 1.4 points after a 4.7 point loss over the prior two weeks.

ANZ Senior Economist, Adelaide Timbrell said confidence has remained relatively stable over January, within a band of 1.8 points.

While confidence remains well below the neutral level of 100, its four-week average is at its highest level since June 2022.

The weekly ANZ-Roy Morgan Australian Consumer Confidence Rating is based on 1,500 interviews conducted online and over the telephone during the week to Sunday.

(END) Dow Jones Newswires

01-30-23 1744ET