Consumer confidence gained 2.1 per cent last week, its third consecutive weekly increase. Among the mainland states, confidence improved in Queensland and SA, while it dropped slightly in NSW, Victoria, and WA.
• ‘Weekly inflation expectations’ dropped 0.5ppt to 5.5 per cent, its lowest level since late May. Its four-week moving average fell 0.1ppt to 5.8 per cent.
• Four of the five confidence subindices registered gains. ‘Current financial conditions’ rose a touch by 0.5 per cent, while ‘future financial conditions’ increased 5.3 per cent.
• ‘Current economic conditions’ gained 1 per cent. ‘Future economic conditions’ rebounded 3.6 per cent almost reversing the 3.9 per cent fall the week before.
• ‘Time to buy a major household item’ decreased 1.5 per cent, bucking the overall trend.