Consumer confidence increased 1.3 per cent last week, reaching its highest level since early June. Across the major states confidence increased in Victoria, Queensland, SA and WA, but was flat in NSW.
• ‘Weekly inflation expectations’ rose 0.1ppt to 5.4 per cent, though its four-week moving average was down 0.1ppt to 5.5 per cent.
• Four of the five confidence subindices increased. ‘Current financial conditions’ rose 1.5 per cent. ‘Future financial conditions’ fell for a second week in a row by 0.5 per cent, however it remains above the neutral level of 100.
• Both ‘current’ and ‘future economic conditions’ increased for a fourth straight week, by 1.1 per cent and 2.6 per cent respectively. They’re both at their highest level since late May.
• ‘Time to buy a major household item’ rose 2.4 per cent after a 5.5 per cent drop the week before.