Consumer confidence was practically unchanged last week with a decline of just 0.2 per cent even as the RBA lifted the cash rate target for the first time in more than a decade. Among the major states, confidence increased in NSW and SA, while it dropped in Victoria, Queensland and WA.
• ‘Weekly inflation expectations’ decreased by 0.2ppt to 5.1 per cent, and its fourweek moving average dropped 0.2ppt to 5.2 per cent.
• The confidence subindices results were mixed. ‘Current financial conditions’ rebounded 4.0 per cent. ‘Future financial conditions’ rose slightly by 0.3 per cent but stayed near its lowest level since April 2020.
• ‘Current economic conditions’ fell 0.8 per cent, while future economic conditions decreased by 2.4 per cent.
• ‘Time to buy a major household item’ declined 2.2 per cent, also dropping to its lowest level since April 2020.