Consumer confidence rebounded 2.5 per cent at the close of March as falling inflation expectations boosted sentiment.
Among the major states, confidence increased in Victoria, Queensland and South Australia, while it dropped in New South Wales and Western Australia.
The weekly inflation expectations index fell 0.6 percentage points to 5.8 per cent, driven by a sharp drop in petrol prices. The four-week moving average on this reading rose 0.2 per cent to 6.0 per cent.
All the confidence subindices registered gains. ‘Current financial conditions’ increased by 4.3 per cent, bouncing back from a 12.5 per cent decline over the past three weeks. ‘Future financial conditions’ rose 0.2 per cent.
‘Current economic conditions’ gained 4.7 per cent after a 6.1 per cent increase the week before. ‘Future economic conditions’ rose 1.0 per cent.
The ‘time to buy a major household item’ reading jumped 3.4 per cent, after a nearly 14 per cent decline over the past three weeks.