Consumer confidence pulled back after a record run of 11 straight weeks of gains. The headline index was down by 2 per cent, with most subindices falling as the lockdown of South Australia reminded consumers that COVID-19 is an ongoing risk.
‘Current financial conditions’ declined by 4.5 per cent. ‘Future financial conditions’ was unchanged from the previous week. ‘Current economic conditions’ declined by 3.2 per cent, while ‘future economic conditions’ dropped by 1.1 per cent.
‘Time to buy a major household item’ fell by 1.6 per cent, its second week of weakness. The four-week moving average of ‘inflation expectations’ inched up to 3.5 per cent.