Confidence declined 1.0 per cent last week, mainly due to the COVID case registered in Sydney that was followed by precautionary restrictions in the area to prevent an outbreak.
‘Current financial conditions’ declined 2.2 per cent, while ‘future financial conditions’ weakened 1.4 per cent.
‘Current economic conditions’ gained 2.8 per cent with expectations of ‘bad times’ falling to a record low stretching back over forty years. ‘Future economic conditions’ improved by 1.8 per cent.
‘Time to buy a major household item’ fell, for the first time in five weeks, by 4.7 per cent. ‘Weekly inflation expectations’ rose 0.2ppt to 3.9 per cent, however, the four-week moving average remained unchanged at 3.8 per cent.