Consumer confidence plunged 4.8 per cent last week, falling to its lowest level since early September 2020. Confidence fell across all states and territories.
• ‘Weekly inflation expectations’ rose 0.4ppt to 6.0 per cent as petrol prices continued to surge. Its four-week moving average rose 0.2ppt to 5.5 per cent.
• ‘Current financial conditions’ decreased by 5.4 per cent and ‘future financial conditions’ fell 4.6 per cent. Both indices were at their lowest levels since July and April 2020 respectively.
• ‘Current economic conditions’ declined for a fifth straight week. Dropping by 8.5 per cent it fell to its lowest since October 2020. ‘Future economic conditions’ bucked the overall trend and increased by 1.1 per cent.
• ‘Time to buy a major household item’ dropped by 6.9 per cent.