Hotter-than-expected inflation does not seem to be worrying consumers, with confidence levels stabilising over January.
While well below long-run averages, the 0.9-point uptick follows the minimal movement in the ANZ and Roy Morgan indicator over the month.
Sitting at 86.8, the confidence measure jumped in early January but has stayed within a narrow band of 1.8 points in the first four weeks of the year.
The index, which draws on survey responses from 1500 interviews each week, charted a rise in sentiment in NSW, Queensland and Western Australia but a decline in Victoria and South Australia.
ANZ senior economist Adelaide Timbrell said confidence remains well below the neutral level of 100 but has returned to its highest level since June 2022….