From ANZ-Roy Morgan:
- Consumer confidence increased slightly by just 0.4% last week making it the third consecutive week of small gains. A fall in confidence in Melbourne, regional NSW and Queensland was balanced by increases in SA and WA.
- ‘Weekly inflation expectations’ rose 0.1ppt, reaching a fresh pandemic-high of 4.8%. The four-week moving average also rose 0.1ppt to 4.7%, its highest level since November 2014.
- Three of the five confidence subindices declined. ‘Current financial conditions’ gained 4.0%, while ‘future financial conditions’ dropped 1.9%.
- ‘Current economic conditions’ softened 1.3% and ‘future economic conditions’ declined 3.7%.
- ‘Time to buy a major household item’ rose 5.6%.
ANZ Head of Australian Economics, David Plank, commented:
