The consumer mood remains downcast as the full force of interest rate hikes and cost-of-living pressures pummel households.
The Reserve Bank has hiked interest rates by 350 basis points since May last year in response to elevated inflation but opted to pause in April, with the board recognising that interest rates movements hit with a lag.
Despite opting to keep rates on hold, ANZ and Roy Morgan's weekly consumer confidence gauge has been stuck in negative territory and returned another below-80 reading last week.
That marks the eighth week straight of readings less than 80, which is well below the long-run monthly average of 111.4.
"This streak represents more weeks of confidence being below 80 than over the whole of 2020-22, revealing the effects of ongoing inflation and the adjustment to restrictive monetary policy," ANZ senior economist Adelaide Timbrell said.
The index did improve a modest 0.8 points to 78, with a decent jump recorded for "time to buy a major household item", up 5.6 points, and modest improvements in financial confidence.
Fresh inflation data, due on Wednesday, will reveal how much pressure households have been under from rising prices.
Economists expect to see inflation coming off its peak but remaining high.
A Reuters poll forecast a 1.3 per cent lift in headline inflation in the March quarter, down from a 1.9 per cent lift in the final three months of 2022.
But while economists foresee a sharp drop in headline inflation in the quarterly consumer price index, even a generous decline may not be enough to steer the central bank away from a May interest rate hike.
Data on salaries offered to new recruits also suggests attracting workers remains competitive.
SEEK's advertised salary index lifted 0.4 per cent month-on-month, up from 0.3 per cent monthly growth in February.
Senior economist at the jobs marketplace, Matt Cowgill, said it was clear the labour market was still running hot.
"There were signs that advertised salary growth was starting to cool, but things have turned around," he said.
"This strong demand for labour is keeping advertised salary growth up, with advertised salaries up 4.7 per cent over the year to March."
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