Confidence fell for a second week in a row, dropping by 2.0 per cent last week; it however remains above the long-term average. ’Time to buy a household item’ was the only green shoot, rising a solid 4.9 per cent.
Current financial conditions fell by 2.7 per cent, while sentiment toward future finances was down 2.2 per cent. This weekly decline has resulted in the subindices closing below their long-term averages.
Current economic conditions dropped a significant 7.8 per cent after rising for three-consecutive weeks. It is still a touch above the long-run average. Future economic conditions fell by 2.8 per cent, which resulted in the subindex falling below the long-term average.
The four-week moving average for inflation expectations fell by 0.2 percentage points to 3.8 per cent, with the weekly reading down to a very low 3.6 per cent.