Consumer confidence dropped 7.6 per cent last week. Among the major states confidence was down sharply in NSW, Victoria, SA, and WA, while it was virtually unchanged in Queensland.
• ‘Weekly inflation expectations’ decreased 0.1ppt to 5.6 per cent, while its fourweek moving average was unchanged at 5.5 per cent.
• All subindices fell. ‘Current financial conditions’ dropped 1.0 per cent, while ‘future financial conditions’ fell 10.1 per cent.
• ‘Current economic conditions’ declined 7.2 per cent after a 9.4 per cent loss the week before. Future economic conditions were down 4.6 per cent.
• ‘Time to buy a major household item’ dropped 14.4 per cent.