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Consumer Confidence up despite record fuel prices

Consumer confidence increased 3.3 per cent last week, its biggest weekly gain since early April 2021. The lift was felt across the country, with Queensland gaining the most.


‘Weekly inflation expectations’ rose 0.2ppt to 5.0 per cent, but its four-week moving average remained at 4.9 per cent.


‘Current financial conditions’ gained 6.6 per cent after a loss of about 9.5 per cent in the two weeks before last week. ‘Future financial conditions’ were up 2.1 per cent.


‘Current economic conditions’ rose 9.3 per cent, reaching its highest since mid- December 2021. ‘Future economic conditions’ however eased by 0.1 per cent.


‘Time to buy a major household item’ softened 0.2 per cent.

"Consumer confidence increased 3.3 per cent last week, despite retail petrol prices reaching record highs." ANZ Head of Australian Economics, David Plank said.


"Inflation expectations increased 0.2ppt and settled at a recent high of 5 per cent. Although confidence rose above the neutral level of 100, it is still well below its long-run average, so we can’t say higher inflation isn’t having an impact."


"The passing of the Omicron peak along with the news that international borders will reopen to vaccinated tourists later this month no doubt helped lift sentiment despite rising petrol prices. Confidence increased in every state, with gains of 4.1 per cent in NSW, 1.1 per cent in Victoria, 6.5 per cent in Queensland, 1.2 per cent in SA and 5.3 per cent in WA."


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