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Confidence improves slightly

Consumer confidence rose 1.6 per cent last week. Among the major states, confidence increased in NSW, Victoria and SA, while it decreased in Queensland and WA.


• ‘Weekly inflation expectations’ increased 0.3 percentage points to 5.9 per cent, while its fourweek moving average rose 0.2 percentage points to 5.7 per cent.


• The subindices registered mixed results. ‘Current financial conditions’ dropped 0.3 per cent, its sixth straight weekly decline. ’Future financial conditions’ gained 5.1 per cent after an 18.8 per cent fall over the previous three weeks.


• ‘Current economic conditions’ decreased 1.0 per cent after a 7.2 per cent loss the week before. ‘Future economic conditions’ were down slightly by 0.6 per cent.


• ‘Time to buy a major household item’ increased by 4.1 per cent.

"Consumer confidence increased 1.6 per cent last week after a 7.6 per cent decline the week before. News about the strength of the labour market may have boosted sentiment, but it remains deeply pessimistic." ANZ Head of Australian Economics, David Plank said.


"Household inflation expectations jumped 0.3 percentage points to 5.9 per cent as average petrol prices increased over the week.


The ‘current’ and ‘future economic conditions’ subindices dropped for a third consecutive week, as central banks across the world, including the RBA, became increasingly hawkish about bringing inflation under control, causing uncertainty about economic growth."


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