Consumer confidence increased by 1.1pts, its third consecutive weekly increase, but is still very weak. Among the mainland states, confidence rose in Victoria, Queensland, SA and WA, while it fell in NSW.
‘Weekly inflation expectations’ dropped 0.6ppt to 5.1%. Its four-week moving average fell to 5.5% from 5.7%.
Three of the five subindices increased, led by ‘Time to buy a major household item’ which climbed 2.9pts.
‘Current financial conditions’ were unchanged with the subindex below 70 for a fifth consecutive week. ‘Future financial conditions’ gained 2.0pts after a 3.1pt rise the week before.
‘Current economic conditions’ were up 1.5pts, but ‘Future economic conditions’ declined 1.0pt after a 3.0pt rise the previous week.