Consumer confidence lifts for seventh week

Consumer confidence gained 0.4 per cent last week, its seventh-straight weekly gain. A strong rise of 5.8 per cent in ‘time to buy a household item’ supported the index, with aggregate financial and economic conditions easing last week.

Aggregate financial conditions eased as the 0.8 per cent gain in ‘current financial conditions’ was not enough to offset the 2.1 per cent drop in ‘future financial conditions’. This drop came after five straight gains.

Similar to the direction of the financial conditions components, ‘current economic conditions’ gained 0.4 per cent while ‘future economic conditions’ declined 1.7 per cent.

The four-week moving average of ‘Inflation expectations’ remained stable at 3.5 per cent.

“Building on the momentum from the Budget, confidence gained for the seventh week in a row,” ANZ Head of Australian Economics, David Plank said.

“Barring Tasmania, New South Wales and Victoria all the states are above the neutral level of 100. Among the major cities, Melbourne weakened while confidence in Brisbane and Sydney surged.”

“Further easing of COVID-19 induced restrictions should support the index over this week as it seeks to move back to its pre-pandemic level.”

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