Consumer confidence softened 0.7 per cent last week after a 6.6 per cent jump over the previous two weeks. Across the major states, confidence increased in Queensland and SA, while it fell in NSW, Victoria, and WA.
• ‘Weekly inflation expectations’ dropped 0.2ppt to 5.3 per cent, while its four-week moving average remained steady at 5.6 per cent.
• The confidence subindices results were mixed. ‘Current financial conditions’ rose 1.1 per cent. ‘Future financial conditions’ fell 1.9 per cent after an 8.8 per cent increase in the previous two weeks.
• Both ‘current’ and ‘future economic conditions’ gained for a third week in a row by 0.9 per cent and 1.6 per cent respectively. ‘Current economic conditions’ have risen by 24.5 per cent in the past three weeks.
• ‘Time to buy a major household item’ plunged 5.5 per cent, dropping to its lowest since the early stages of the pandemic in April 2020.