Overview
- The ANZ‑Roy Morgan consumer confidence index rose 4 points to 91.3, recovering to March levels but staying 16 points below its January peak.
- Households' two-year inflation expectations dropped from 5.3% to 4.6%, a sharp reversal that returns them to pre‑spike readings.
- Forward-looking and current sentiment measures improved, with the future conditions index rising to 96.7 and the current conditions index lifting to 83.2.
- Regional results were uneven: Auckland led the bounce with a 10-point gain while Wellington lagged, and house price inflation expectations ranged from about 1.4% to 3.9% across regions.
- ANZ notes the pattern, backed by a pick-up in discretionary card spending and a stronger Business Outlook, reduces the risk the fuel shock becomes embedded in household psychology and may give the Reserve Bank more policy room, though local retail and housing outcomes will vary.