"‘Weekly inflation expectations’ is still close to its recent high, dropping just 0.1ppt to 4.9 per cent." ANZ Head of Australian Economics, David Plank said.
"The sharp quarterly rise in fuel costs of 7.1 per cent in Australia’s Q3 CPI likely had a significant impact on householders’ inflationary outlook during these past few months."
"The close relationship between ABS’s Wage Price Index and inflation expectations means it is a key indicator. Critically, however, inflation expectations point to wages growth that is still below the level the RBA has said is needed to ensure inflation will sustainably be in the target band."
"Consumer confidence jumped 1.5 per cent last week, as all cities came out of lockdown. Confidence was up in NSW (2.0 per cent) and Victoria (5.5 per cent), which more than offset the falls in Queensland (-0.6 per cent), South Australia (-4.3 per cent) and Western Australia (-5.6 per cent)."