Consumer confidence dropped 4.1 per cent last week, to its lowest level since mid-August 2020. Among the major states, confidence decreased in NSW, Victoria, Queensland and WA, but increased in SA.
• ‘Weekly inflation expectations’ increased 0.2ppt to 5.7 per cent, while its fourweek moving average also rose 0.2ppt to 5.5 per cent.
• All the five confidence subindices registered losses. ‘Current financial conditions’ dropped 0.2 per cent, its fourth consecutive weekly decline. ‘Future financial conditions’ fell 4.3 per cent after a 5.5 per cent decrease the week before.
• ‘Current economic conditions’ plunged 9.4 per cent after a 3.5 per cent gain over the past three weeks. Future economic conditions were down 2.1 per cent.
• ‘Time to buy a major household item’ dropped 4.7 per cent, after a 10.1 per cent increase over the previous two weeks.