Australian consumer confidence weakened last week amid a more downbeat economic outlook due to the US-China trade tensions, according to a Tuesday report by ANZ Research and Roy Morgan.
The ANZ-Roy Morgan Consumer Confidence Index declined to 83.4 from 85.5 in the week of April 21 to 27. This brought the four-week moving average to 85.
Households' assessment of their year-ago and year-ahead financial situation declined. Economic expectations also fell, with both measures down for the year-ahead and five-year outlook.
"We expect growth in the US and China to slow in 2025, following increased economic uncertainty from US tariff announcements," said ANZ economist Sophia Angala.
"The implications for Australia are likely to flow from the impacts on global growth and local confidence, and it appears that the upward trend in the ANZ-Roy Morgan Australian Consumer Confidence series from rising disposable incomes has been weakened by global uncertainty," Angala added.
Meanwhile, the "time to buy a major household item" sub-index improved. Inflation expectations accelerated to 5.1% from 4.9%.
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