Consumer confidence rose by 0.6 per cent last week, its eighth gain in the last nine weeks. There was an increase in confidence in Sydney, Perth and Adelaide, which was partially offset by declines in Melbourne and Brisbane.
‘Weekly inflation expectations’ remained elevated at 4.9 per cent and its four- week moving average rose 0.1ppt to 4.9 per cent.
Four out of the five confidence subindices registered gains. ‘Current financial conditions’ dropped 0.9 per cent after a 6.5 per cent jump last week. ‘Future financial conditions’ rose 2.0 per cent.
‘Current economic conditions’ saw a small gain of 0.3 per cent, while ‘future economic conditions’ increased 1.5 per cent.
‘Time to buy a major household item’ was practically unchanged with a rise of just 0.1 per cent.