The ANZ-Roy Morgan Consumer Confidence index fell 3 points to 92 in August, its lowest level in 10 months. The future conditions index dropped 2 points to 98.8, while the current conditions index fell 3 points to 81.8. Household perceptions of personal finances weakened further, slipping 3 points to -24%, and a net 12% of respondents said it was a bad time to buy a major household item, down 4 points, signaling pressure on retailers. Economic outlook measures also declined, with the 12-month view falling 4 points to -20% and the five-year outlook down 4 points to +3. Two-year-ahead CPI inflation expectations eased from 5.1% to 4.8%, while house price expectations held steady at 3.5%. Despite these declines, lower real interest rates and the RBNZ’s dovish pivot provide some support, though consumer sentiment and retail spending may remain subdued in the near term.