Consumer confidence increased by 2.1 per cent last week, reaching its highest level since late May. Confidence rose for a second straight week in NSW, Queensland, and WA, while it dropped in Victoria and SA.
• ‘Weekly inflation expectations’ fell sharply by 0.6ppt to 5.0%, the lowest since mid-February. Its four-week moving average fell 0.1ppt to 5.3 per cent.
• Four of the five confidence subindices registered gains. ‘Current economic conditions’ was up 4.8 per cent after a 5.2 per cent fall over the previous two weeks. ‘Future economic conditions’ jumped 6.0 per cent, exceeding the neutral level of 100 for the first time since late February.
• ‘Current financial conditions’ rose 2.4 per cent after a 4.8 per cent decline the week before. ‘Future financial conditions’ bucked the trend with a 3.2 per cent decrease but remains above the neutral level of 100.
• ‘Time to buy a major household item’ rose 2.5 per cent, its fourth weekly gain.