Consumer confidence increased by 1.3 per cent as great news on the labour market boosted sentiment despite the emergence of a new COVID-19 cluster in Sydney.
‘Current financial conditions’ rose 4.9 per cent after falling for the past three weeks, while ‘future financial conditions’ softened 0.8 per cent.
‘Current economic conditions’ also gained 4.9 per cent, while ‘future economic conditions’ rose 0.5 per cent.
‘Time to buy a major household item’ declined 1.8 per cent.’ Weekly inflation expectations’ rose by 0.3ppt to 4.2 per cent, pushing the four-week moving average up 0.1ppt to 4.0 per cent. This is the first time the four-week moving average has been at or above 4.0 per cent since April 2020.