Consumer confidence decreased by 0.5pts last week to 76.5, its third consecutive week below 80. Among the mainland states, confidence rose in Victoria, SA, and WA, while it fell in NSW and Queensland.
‘Weekly inflation expectations’ increased by 0.2ppt to 5.9%, its highest since mid-December. Its four-week moving average rose 0.2ppt to 5.5%.
Three of the five subindices were down. ‘Current financial conditions’ rose 0.9pts, after a cumulative fall of 8.6pts over the previous three weeks. ‘Future financial conditions’ softened 0.3pts.
‘Current economic conditions’ fell 0.7pts. ‘Future economic conditions’ were up 1pt.
‘Time to buy a major household item’ dropped 3.5pts to its lowest since early April 2020.