Via Roy Morgan/ANZ. New lows ahead.
Consumer confidence decreased 1.5% last week, its fifth straight weekly decline. Among the mainland states, confidence increased in NSW and SA, while it was down in Victoria, Queensland and WA.
• ‘Weekly inflation expectations’ jumped 0.5ppt to 6.6%, its highest weekly value in over a decade. Its four-week moving average rose 0.3ppt to 6.1%.
• The subindex results were mixed. ‘Current financial conditions’ fell 2.9%, dropping to its lowest since the early stages of the pandemic. ‘Future financial conditions’ fell 4.2%, dropping 11.4% over the past three weeks.
• ‘Current economic conditions’ were down 4.3%, after a 1.5% decline the week before. ‘Future economic conditions’ rose slightly by 0.7%.
• ‘Time to buy a major household item’ rose 2.7%, after declining 11% over the previous three weeks.
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