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Consumer Confidence another small gain in confidence

Consumer confidence increased slightly by 0.7 per cent last week after a 0.2 per cent increase the week before. Among the mainland states, confidence improved in NSW, Victoria, SA and WA, while it dropped in Queensland.


• ‘Weekly inflation expectations’ rose 0.2ppt to 6.0 per cent, while its four-week moving average remained steady at 5.9 per cent.


• The confidence subindices’ performance was mixed. ‘Current financial conditions’ rebounded 6.9 per cent after a 17 per cent drop over the previous 10 weeks. ‘Future financial conditions’ were down 2.1 per cent.


• ‘Current economic conditions’ edged lower by 0.4 per cent after a 4 per cent increase the week before. ‘Future economic conditions’ dropped 3.9 per cent.


• ‘Time to buy a major household item’ gained 5.2 per cent after a 10.7 per cent loss over the previous three weeks.

"There was another small improvement in consumer confidence of 0.7 per cent last week, after the 0.2 per cent increase the week before. Increases in the expected ‘financial situation compared to a year ago’ and whether it is a ‘good time to buy a major household item’ were the main drivers of sentiment." ANZ Head of Australian Economics, David Plank said.


"Confidence, however, remained very weak and at levels last seen during the early stages of the COVID-19 pandemic. Household inflation expectations rose by 0.2ppt to 6.0 per cent. Headlines about another surge in actual inflation when the Q2 CPI is published will likely place some downward pressure on sentiment this week."


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