Consumer confidence has jumped 10.1 per cent, the biggest gain since the ANZ-Roy Morgan Australian Consumer Confidence survey shifted to a weekly basis in 2008. All the subcomponent rose, with the exception of a small decline in ‘future economic conditions .’
‘Current economic conditions’ was up by a massive 24.6 per cent. Despite this gain, this subcomponent is still 50 per cent below its level six weeks back.
‘Current financial conditions’ gained 8.8 per cent, while future financial conditions rose 11.4 per cent.
‘Time to buy a major household item’ gained 17.5 per cent compared to a drop of 23.8 per cent previously. The four-week moving average for ‘inflation expectations’ was stable at 4.1 per cent. The weekly reading dipped to 4.1 per cent from 4.3 per cent.