Consumer confidence rose 1.7 per cent last week as Omicron cases remained on a downward trend across Australia. Confidence increased in NSW and WA, declined in Victoria and Queensland and was virtually unchanged in SA.
‘Weekly inflation expectations’ dropped 0.3ppt to 4.7 per cent, its lowest since mid-December. Its four-week moving average fell 0.1ppt to 4.9 per cent.
Four out of the five subindices registered gains. ‘Current financial conditions’ dropped 1.8 per cent, while ‘future financial conditions’ gained 0.8 per cent.
‘Current economic conditions’ jumped 5.9 per cent after falling 18.3 per cent since midDecember. ‘Future economic conditions’ rose 1.1 per cent.
‘Time to buy a major household item’ increased 2.7 per cent.