Queensland led the uptick, but all states and territories recorded an increase.
Although “Weekly inflation expectations” rose 0.2 ppt to 5.0 per cent, its four-week moving average remained at 4.9 per cent.
And more people were feeling the current financial conditions are likely to improve, with the index gaining 6.6 per cent after losing 9.5 per cent two weeks ago.
The “Current economic conditions” indicator reached its highest level since mid-December 2021, rising to 9.3 per cent, however, the outlook for the future economic conditions decreased slightly and fewer consumers were considering buying a major item with a drop of 0.2 per cent recorded for that index.
“Consumer confidence increased 3.3 per cent last week, despite retail petrol prices reaching record highs,” ANZ head of Australian economics, David Plank, said.
“Inflation expectations increased 0.2ppt and settled at a recent high of 5 per cent. Although confidence rose above the neutral level of 100, it is still well below its long-run average, so we can’t say higher inflation isn’t having an impact.
“The passing of the Omicron peak along with the news that international borders will reopen to vaccinated tourists later this month no doubt helped lift sentiment despite rising petrol prices. Confidence increased in every state, with gains of 4.1 per cent in NSW, 1.1 per cent in Victoria, 6.5 per cent in Queensland, 1.2 per cent in SA and 5.3 per cent in WA.”
