Consumer confidence increased 2.2 per cent last week and settled just above the neutral level of 100. It was driven by increases in confidence in Victoria, Queensland and WA, partially offset by decreases in NSW and SA.
‘Weekly inflation expectations’ rose 0.1ppt to match its recent high of 5.0 per cent. Its four-week average also rose 0.1ppt to 5.0 per cent.
‘Current financial conditions’ jumped 6.3 per cent after an 11.3 per cent drop the week before. ‘Future financial conditions’ gained 0.6 per cent.
‘Current economic conditions’ softened 0.5 per cent, its third consecutive decline. ‘Future economic conditions’ dropped 0.9 per cent.
‘Time to buy a major household item’ increased 6.3 per cent after a fall of 15.8 per cent during the first two weeks of 2022.