"Consumer confidence rose by 1.3 per cent last week, adding to the prior week’s gain of 2.5 per cent, as petrol prices dropped sharply for a second straight week." ANZ Head of Australian Economics, David Plank said.
"Confidence remains below neutral and well below its long-run average. Household inflation expectations remained unchanged at 5.8 per cent, despite lower petrol prices. With the terminal gate prices of petrol declining further last week, retail prices are likely to be even lower in the coming weeks. The flow-through of the reduction in petrol excise should provide additional impetus. This should lead to lower inflation expectations and, along with the Easter holidays, this is likely to boost sentiment.
Among the states, confidence rose in NSW by 6.1 per cent, after four straight weeks of decline. Confidence also rose in WA (10.4 per cent), while it dropped in Victoria (-1.3 per cent), Queensland (-0.2 per cent) and SA (-10.7 per cent)."