Consumer confidence rebounds

Consumer confidence is back on an improving trajectory after the pullback last week. The overall rating rose 2.9 per cent, with all the subindices gaining.

‘Current financial conditions’ rose by 2.3 per cent, while ‘future financial conditions’ inched up 0.2 per cent.

‘Current economic conditions’ surged by 7.6 per cent, while ‘future economic conditions’ improved by 1.5 per cent.

‘Time to buy a major household item’ bounced 4.2 per cent. The four-week moving average of ‘inflation expectations’ was steady at 3.5 per cent.

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"The relaxation in lockdown restrictions in South Australia drove a bounce in consumer confidence," ANZ Head of Australian Economics, David Plank said.

"Confidence is above the neutral 100 level in South Australia, after slipping below in the previous week. Ahead of the holiday season, the ‘time to buy a major household item’ subindex surged to its highest level since 1 March."

"Perceptions of economic conditions, both current and future, are the highest in more than a year. This could bode well for economic activity and spending over the coming weeks."

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