Consumer confidence increased by 0.4 per cent last week, its third consecutive weekly gain. Confidence improved in NSW and Victoria but moderated in Queensland, South Australia and Western Australia after gains in those states last week.
‘Weekly inflation expectations’ rose 0.3ppt to its recent high of 5.0 per cent. Its four-week moving average was up 0.1ppt to 4.9 per cent.
The confidence subindices registered mixed results. Personal financial confidence improved with ‘current financial conditions’ rising 4.2 per cent and ‘future financial conditions’ up 0.8 per cent.
‘Current economic conditions’ declined by 2.7 per cent, while ‘future economic conditions’ increased 1.9 per cent.
‘Time to buy a major household item’ dropped sharply by 4.7 per cent.