sydneyaustralian consumer confidence recovered somewhat last week but remains in the doldrums overall consumer confidence increased by 14 points over the week according to a survey by anz bank and pollster roy morgan anz senior economist adelaide timbrell said the consumer confidence result is still among the worst ten results since january 2020 seven of which have occurred between march and may of 2023 this highlights the impact of costofliving pressure and rising interest rates despite low unemployment and an acceleration in annual wage growth she said having endured a record pace of interest rate increases over the last year australian consumers are still facing the prospect of even more mortgage pain as not all of the policy tightening has flowed through to the economy the reserve bank of australia also continues to warn that it may need to hike further if wages growth accelerates and threatens to push out the central banks estimate that inflation will return to the desired target band of 2 to 3 onyear by mid2025 confidence jumped for those renting jumped 96 points last week while it was down 37 points for those paying off their homes confidence around current financial conditions jumped 79 points over the week after a cumulative 94 point decline in the previous two weeks the survey showed the willingness of consumers to buy a major household item rose 1 point after a cumulative decline of 53 points over the previous three weeks the data showed the weekly anzroy morgan australian consumer confidence rating is based on 1477 interviews conducted online and over the telephone during the week to sunday