‘Weekly inflation expectations’ rose 0.4ppt to 5.6 per cent amid rapidly rising petrol prices. Its four-week moving average rose 0.1ppt to 5.3 per cent.
Consumer confidence dropped 4.3 per cent last week, falling well below the neutral level of 100. Confidence declined in all the states except for WA.
All the confidence subindices registered losses. ‘Current financial conditions’ decreased by 5.2 per cent and ‘future financial conditions’ fell 4.0 per cent.
‘Current economic conditions’ declined 3.9 per cent, falling 13.9 per cent over the past four weeks. ‘Future economic conditions’ dropped 5.2 per cent.
‘Time to buy a major household item’ decreased by 3.4 per cent.