"Consumer confidence reversed its three-week losing streak as the nationwide inoculation program began a week ago," ANZ Head of Australian Economics David Plank said. "Headline confidence is around its long-run average."
"What stands out is the jump in weekly inflation expectations to 3.9 per cent (from 3.6 per cent a week ago), its highest level since early April. Higher global fuel prices pushed up the average domestic retail petrol price by 1.6 cents/litre last week."
"This, coupled with a strong housing market and faster than expected recovery in the labour market, could be fuelling inflationary concerns. Inflation expectations are still below pre-pandemic levels, so could rise further without causing undue alarm for the RBA."