As part of the weekly ANZ-Roy Morgan Australia Consumer Confidence survey are data on inflation expectations.

Has surged to 6.8%. Says ANZ:

  • up 0.2% w/w
  • its highest level since these data were first collected in April 2010.
  • Falling confidence and rising inflation expectations creates a difficult mix for the RBA.

Consumer confidence for the week fell even more, down 1.5% w/w to a horrible 78.7. Its lowest since April 2020.

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Separately, ANZ have issued data on observed Australian spending:

  • spending picked up in early November
  • An upward trend for non-food retailers was stronger than 2019 and encouraging ahead of the holiday trading period.
  • Stable furniture & travel agent spending suggests households aren’t delaying large purchases.
  • The late October weakness in spending was likely a blip

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Consumer confidence collapsing. Inflation expectations surging., Spending rising.

Go figure.

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Australia spending 08 November 2022