‘Weekly inflation expectations’ rose 0.4ppt to 6.4 per cent last week, its highest weekly reading since June 2012. Its four-week moving average rose 0.3ppt to 5.8 per cent.
• Consumer confidence was virtually unchanged with a decline of just 0.1 per cent. Among the major states, confidence dropped in Victoria, Queensland and SA, while it increased in NSW and WA.
• The details were mixed. ‘Current financial conditions’ decreased by 2.5 per cent, its third consecutive weekly decline. ‘Future financial conditions’ rose 1.2 per cent.
• ‘Current economic conditions’ gained 6.1 per cent after a 21.1 per cent decline over the past five weeks. ‘Future economic conditions’ softened 0.6 per cent.
• ‘Time to buy a major household item’ dropped by 4.3 per cent, its third straight weekly decline.