Australia and New Zealand Banking : Consumer confidence is resilient

Consumer confidence recovered 2.5 per cent last week, following the end of thelockdown in south-east Queensland and also in large part due to the resilience of sentiment in NSW despite rising COVID-19 cases.

Financial conditions recovered after a significant fall the week before, with 'currentfinancial conditions' up 2.9 per cent and 'future financial conditions' gaining 4.8 per cent.

Economic conditions, on the other hand, softened a touch as 'currenteconomic conditions' lost 0.5 per cent and 'future economic conditions' slipped 0.2 per cent.

'Time to buy a major household item' gained 5.0 per cent, after last week's 8.3 per cent fall. 'Weekly inflation expectations' rose 0.2ppt to 4.5 per cent, its highest level since May 2019. The four-week moving average remained steady at 4.3 per cent.