August 13, 2024
Australian consumer confidence surged by 2.8% in July reaching the level of 85. It is still much below the level of 100 indicating consumers still estimate current situation negatively.
The indicator started diving in the beginning of 2022 with acceleration in the rate of inflation. After reaching the bottom near 80 it stabilized in the beginning of 2023 as tight monetary policy pushed inflation down. However, since then it has been recovering rather sluggishly as inflation stopped easing in January 2024 and started to rise again. This uncertainty translates into negative prospects for rate cut which is now expected only in the end of 2024