Consumer confidence increased by 0.5 per cent last week driven by gains in Queensland, South Australia and Western Australia, which were substantially offset by a sharp decline in confidence in NSW.
‘Weekly inflation expectations’ declined 0.2ppt to 4.7 per cent, while its four-week moving average was unchanged at 4.8 per cent.
Four of the five confidence subindices registered gains. ‘Current financial conditions’ rose slightly by 0.2 per cent, while ‘future financial conditions’ softened 1.2 per cent.
‘Current economic conditions’ improved by 1.1 per cent and ‘future economic conditions’ increased a touch by 0.2 per cent.
With Christmas just around the corner, ‘time to buy a major household item’ gained 2.2 per cent, more than making up for the decline last week.