"The emergence of a major COVID-19 cluster in Sydney has dampened consumers’ otherwise positive sentiment," ANZ Head of Australian Economics David Plank said. "In Sydney, confidence was down 5.3 per cent in its sharpest weekly drop since July."
"In the rest of New South Wales, it moderated by 1.9 per cent. Confidence weakened in Victoria (down 2.9 per cent), along with Queensland and Northern Territory. The lockdown of the suburbs around Sydney’s northern beaches and the state border closures have reminded people that material downside risks remain."
"The ongoing trend of higher inflation expectations has the four-week moving average touching the level last seen in April. As we’ve noted, this lift is consistent with the likely bottom of inflation."