Oct 12, 2021
October 19, 2021
Consumer Confidence 6 weeks of gains
Consumer confidence increased 1.3 per cent last week, its sixth straight gain. With the reopening of Greater Sydney and the imminent end of Melbourne’s lockdown earlier than anticipated, confidence rose in the major cities of Sydney, Melbourne, Brisbane and Perth.
The subindices registered mixed results. ‘Current financial conditions’ softened 0.1 per cent, while ‘future financial conditions’ gained 1.4 per cent.
‘Current economic conditions’ rose 4.5 per cent, its third consecutive weekly gain. ‘Future economic conditions’ remained unchanged.
‘Time to buy a major household item’ improved 0.6 per cent. ‘Weekly inflation expectations’ was unchanged at 4.7 per cent and its four-week moving average was steady at 4.8 per cent.
"Consumer confidence rose 1.3 per cent nationally as greater Sydney reopened last week after more than three months in lockdown. The rise in confidence in the city over the past two weeks has been quite modest at 3.5 per cent. ANZ Head of Australian Economics, David Plank said.
"This compares with the 9.2 per cent rise over the first two weeks of reopening last year in May 2020. The difference reflects the level of confidence."
"Sentiment in Sydney is already above its 2021 average, while in May last year the lockdown ended with sentiment still at very depressed levels. Confidence also rose in Melbourne (5.4 per cent) as its lockdown has been scheduled to end earlier than anticipated and is back to the level it was in mid-July."
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