Consumer confidence: persistently weak
Consumer confidence decreased by 0.4pts. Among the mainland states, confidence rose in Victoria, Queensland and WA, but fell in NSW and SA.
‘Weekly inflation expectations’ rose 0.2ppt to 5.5%, while its four-week moving average was 5.3%.
‘Current financial conditions’ fell 1.6pts after a 4.3pt fall the week before. ‘Future financial conditions’ plunged 5.3pts to its lowest since late March 2020.
‘Current economic conditions’ softened 0.6pts, while ‘future economic conditions’ gained 2pts.
‘Time to buy a major household item’ was up 4pts.
ANZ Senior Economist Adelaide Timbrell said: “Consumer confidence edged lower last week, and was in deeply negative territory, below 80 for the 14th week in a row. Confidence about future financial conditions fell to its lowest level since the start of the COVID outbreak in late March 2020.
“Among the housing cohorts, confidence among the outright homeowners fell 4.6pts, while it rose for those paying off their homes (+1pt) and those renting (+3.2). While the 'time to buy a household item' index remained deeply negative, below 70 for a 17th straight week, it did improve to its best weekly result since February.”