Consumer confidence increased slightly by 0.9 per cent last week with the states registering varied movements, most likely based on local factors. Confidence rose in NSW, Queensland and SA, while it dropped in Victoria and WA.
'Weekly inflation expectations' fell 0.1ppt to 5.2 per cent, but its four-week moving average increased 0.1ppt to 5.2 per cent.
'Current financial conditions' increased a touch by 0.1 per cent, while 'future financial conditions' rose 2.9 per cent.
'Current economic conditions' declined 3.1 per cent, its third consecutive weekly fall. 'Future economic conditions' rose 2.2 per cent after a 6.1 per cent fall in the past three weeks.
'Time to buy a major household item' increased by 2.0 per cent.
"Consumer confidence increased by 0.9 per cent last week as the floods in southern Queensland and northern NSW receded, if only momentarily. This took it just above the neutral level but left it well below average." ANZ Head of Australian Economics, David Plank said.
"Confidence rose slightly in NSW by 0.6 per cent and was up a sharp 7.2 per cent in Queensland. The surge in Omicron cases in WA weighed confidence down 2.6 per cent. Among the other states, confidence fell in Victoria (-2.6 per cent), while it rose in SA (9.4 per cent)."
"Nationally, confidence has been hovering around the neutral level of 100 during the past seven weeks, not heading in the same direction for more than two weeks. Household inflation expectations fell by 0.1ppt but remained elevated at 5.2 per cent as petrol prices reach a new high."
