Consumer confidence decreased by 0.5 per cent last week, a relatively small decline given the RBA increased the cash rate by 50bps. Across the major states confidence increased in Victoria and SA, while it dropped in NSW, Queensland and WA.
• ‘Weekly inflation expectations’ dropped 0.1ppt to 5.3 per cent, and its four-week moving average was also down 0.1ppt to 5.4 per cent.
• The confidence subindices results were mixed. ‘Current financial conditions’ rose 1.6 per cent, its third straight weekly increase.
‘Future financial conditions’ was practically unchanged with a 0.1 per cent rise to just above the neutral level.
• ‘Current’ and ‘future economic conditions’ decreased by 2.5 per cent and 2.0 per cent respectively, after four straight weeks of gains.
• ‘Time to buy a major household item’ rose 0.5 per cent after a 2.4 per cent increase the week before.