As restrictions ease across major states and vaccine rates increase, Australian consumer confidence has lifted, too.
A report from Roy Morgan shows that consumer confidence has increased 1.4 points to 107.4. This is 2.9 points higher than the same period last year. Despite the increase, the figures remain below the 2021 weekly average, which is 108.2.
There has been little movement among Australian consumers who think that now is a good time to buy a major household item, currently 39 percent (unchanged). In contrast, 28 percent of consumers say that now is a bad time to buy, decreasing by two ppts.
“Consumer confidence rose 1.3 percent last week as the nation inched closer to normalcy, with Victoria easing all COVID restrictions for the fully vaccinated,” said David Plank, ANZ Head of Australian Economics. “Close to 85 percent of those aged 16 and above across Australia had been fully vaccinated by last week.”
Across Australia, confidence saw the largest growth in Victoria, Western Australia and Queensland, lifting by 4.9 percent, two percent and 1.7 percent, respectively. New South Wales confidence dipped by -1.1 percent and -0.5 percent in South Australia.
“Inflation expectations decreased 0.4ppt to 4.6 percent last week despite petrol prices hovering around record highs,” said Plank. “This indicator can be volatile from week-to-week, so we are cautious about overreacting to one survey reading. If the fall in inflation expectations is sustained, however, it may be an important signal for wages growth.”
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