Aussie consumer confidence recessionary amid soaring inflation expectations

The weekly ANZ-Roy Morgan Consumer Confidence Index has been released, with confidence rebounding 1.6%; albeit remains at recessionary levels:

According to ANZ Head of Australian Economics, David Plank:

Consumer confidence increased 1.6% last week after a 7.6% decline the week before. News about the strength of the labour market may have boosted sentiment, but it remains deeply pessimistic. Household inflation expectations jumped 0.3ppt to 5.9% as average petrol prices increased over the week. The ‘current’ and ‘future economic conditions’ subindices dropped for a third consecutive week, as central banks across the world, including the RBA, became increasingly hawkish about bringing inflation under control, causing uncertainty about economic growth.