Consumer confidence fell a further 0.6 per cent, as the lockdown in Melbourne was extended for another week after a rise in the number of COVID-19 cases. The confidence subindices registered mixed results.
‘Current financial conditions’ fell 1.5 per cent, while ‘future financial conditions’ improved by 2.0 per cent.
‘Current economic conditions’ declined 3.1 per cent, while ‘future economic conditions’ gained 1.5 per cent.
‘Time to buy a major household item’ weakened 2.2 per cent. ‘Weekly inflation expectations’ increased by 0.1ppt to 4.0 per cent, keeping the four-week moving average at 3.8 per cent. This is the highest weekly result for inflation expectations since March 2020.