Consumer confidence dropped 2.6 per cent last week, falling below the neutral level of 100. Confidence was lower in Victoria, Queensland and WA, while it rose in NSW and SA.
‘Weekly inflation expectations’ rose 0.2ppt to 5.3 per cent, its highest since June 2014. Its four-week moving average increased 0.2ppt to 5.1 per cent.
Four of the five subindices registered losses. ‘Current financial conditions’ dropped 0.8 per cent and ‘future financial conditions’ fell 2.5 per cent.
Both ‘current’ and ‘future economic conditions’ declined 5.0 per cent.
‘Time to buy a major household item’ increased slightly by 0.4 per cent.