The four-week moving average for ‘inflation expectations’ decreased 0.1ppt at 3.2%. The weekly reading remained unchanged at 3.1%.
ANZ Head of Australian Economics, David Plank, commented:
"Last week’s fall in confidence can be seen as more of a consolidating move than weakness, as it has come after the most extended stretch of gains in the history of the weekly survey. Economic conditions and financial conditions were essentially flat in aggregate; a pleasing result given the news (with the publication of the Q1 GDP data) that Australia is almost certainly in a technical recession. The overall weakness in confidence was due to the fall in ‘Time to buy a household item’. This sub-index has gained nearly 50% since the low achieved during the height of the pandemic. Weekly ‘inflation expectations’ remained at the low of 3.1%, taking the four-week average down to a historic low of 3.2%."

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