Consumer confidence decreased 1.3 per cent last week, dropping to its lowest level since mid-August 2020. Among the major states, confidence increased in NSW and Queensland, while it dropped in Victoria, SA and WA.
• ‘Weekly inflation expectations’ increased by 0.2ppt to 5.3 per cent, while its fourweek moving average remained steady at 5.2 per cent.
• Four of the five confidence subindices dropped. ‘Current financial conditions’ fell 4.4 per cent, while ‘future financial conditions’ dropped 0.4 per cent.
• ‘Current economic conditions’ increased 1.5 per cent, while future economic conditions decreased slightly by 0.2 per cent.
• ‘Time to buy a major household item’ fell 2.7 per cent, dropping 14.7 per cent over the past three weeks.