Consumer confidence dropped 1.9 per cent last week, reversing the gains of the week before. A large fall in confidence in WA and smaller falls in NSW, Queensland and SA drove the drop, while Victoria recorded a small gain.
‘Weekly inflation expectations’ rose 0.1ppt to 4.8 per cent with its four-week moving average unchanged at 4.9 per cent.
‘Current financial conditions’ plunged 7.8 per cent and ‘future financial conditions’ fell 3.5 per cent. Both the subindices were at their lowest level since late 2020 when the economy was recovering from the second wave of the pandemic.
‘Current economic conditions’ softened 0.3 per cent, while ‘future economic conditions’ were up 2.4 per cent.
‘Time to buy a major household item’ increased 0.7 per cent.