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Falling petrol prices have given a further lift to consumer confidence, but a new survey still shows pessimists outweighing optimists.

The ANZ-Roy Morgan consumer confidence index - a guide to future household spending - rose 2.3 per cent in the past week to 96.8, its highest level since March 6, but remained below the neutral level of 100.

In a mirror image, household inflation expectations dropped by 0.5 percentage points to 5.3 per cent, its lowest level since March 6 as petrol prices declined for a fourth straight week.

"Oil prices have risen more than 10 per cent from the low at the beginning of last week, so it's not clear if there is much more room for confidence to be boosted by lower petrol prices," ANZ head of Australian economics David Plank said.

The Australian Institute of Petroleum said the national average for petrol prices fell by a further eight cents in the past week to 166.3 cents a litre, continuing a sharp decline from above $2 a litre.

This reflects in part the federal government's temporary halving of fuel excise in last month's budget.

Still, cost of living pressures remain more broadly in the economy with next week's inflation figures expected to show a sharp rise.

In the minutes of the Reserve Bank of Australia's April board meeting it warns that rising inflation may have brought forward the timing of an increase in the cash rate.

It expects measures of underlying inflation in the March quarter to be more than three per cent - above its two to three per cent target.

But it indicated it still wants to see the consumer price index for the March quarter due on April 27 and the wage price index for the same period on May 18.

Economists are generally expecting the cash rate to increase by 0.15 per cent to 0.25 per cent at the June board meeting, ending a gradual decline in rates stretching back a decade.

However, there are concerns a very strong inflation result could see the cash rate jump by 0.4 per cent to 0.5 per cent at the May board meeting, even though it would be in the middle of a federal election campaign.

© AAP 2022

Cristiano Ronaldo will not play in Manchester United's Premier League clash with Liverpool at Anfield on Tuesday following the death of his new-born son.

The forward announced the tragic news on social media on Monday in a joint message with his partner Georgina Rodriguez, prompting a huge number of messages of support from across the footballing world and beyond.

Manchester United confirmed Ronaldo's absence, saying on manutd.com: "Family is more important than everything and Ronaldo is supporting his loved ones at this immensely difficult time.

"As such, we can confirm that he will not feature in the match against Liverpool at Anfield on Tuesday evening and we underline the family's request for privacy.

"Cristiano, we are all thinking of you and sending strength to the family."

Ronaldo, who has four older children, announced last October that he and Rodriguez were expecting twins. Their baby girl survived.

The couple said on Monday: "It is with our deepest sadness we have to announce that our baby boy has passed away.

"It is the greatest pain that any parents can feel.

"Only the birth of our baby girl gives us the strength to live this moment with some hope and happiness.

"We would like to thank the doctors and nurses for all their expert care and support.

"We are all devastated at this loss and we kindly ask for privacy at this very difficult time.

"Our baby boy, you are our angel. We will always love you."

A message on United's Twitter account on Monday evening read: "Your pain is our pain, Cristiano.

Sending love and strength to you and the family at this time."

The 37-year-old's United team-mate Marcus Rashford tweeted: "Thoughts are with you and Georgina brother. I'm so sorry."

Ronaldo's former club Real Madrid said in a statement: "Real Madrid, its president and board of directors are deeply saddened by the passing of one of the children that our dear Cristiano Ronaldo and his partner, Georgina Rodriguez, were expecting.

"Real Madrid shares in the family's pain and wishes to send them all of our warmth."

Manchester City, Liverpool, Leeds and the Premier League were among many others sending the couple messages of condolence on Twitter.

© PAA 2022

Rising inflation beyond the Reserve Bank of Australia's target has likely brought forward the timing of an increase in the cash rate, the central bank warns.

In the minutes of its April board meeting, the RBA said it expected measures of underlying inflation in the March quarter to be more than three per cent - above its two to three per cent target.

"These developments have brought forward the likely timing of the first increase in interest rates," the minutes said on Tuesday.

"Over coming months, important additional evidence will be available on both inflation and the evolution of labour costs."

The consumer price index for the March quarter is due on April 27, while the wage price index for the same period is released on May 18.

"This marks another small shift towards the likelihood of rate hikes sooner rather than later depending on the evolution of the data," RBC Capital Markets chief economist Su-Lin Ong said.

"It gives the RBA optionality should key data next week and beyond surprise them to the upside."

Economists are generally expecting the cash rate to increase by 0.15 per cent to 0.25 per cent at the June board meeting, ending a gradual decline in rates stretching back a decade.

However, there are concerns a very strong inflation result could see the cash rate jump by 0.4 per cent to 0.5 per cent at the May board meeting, even though it would be in the middle of a federal election campaign.

The RBA said while the economic growth outlook remained positive for this year and next, rising prices were impinging on households' spending power and the floods had been very disruptive for many communities.

Still, Australian Bureau of Statistics figures show household spending increased by a solid 7.7 per cent in February compared to a year earlier.

"Fewer COVID-19 cases in February, alongside the further easing of restrictions over the month saw increased spending in recreation, hospitality and retail venues," ABS head of macroeconomic statistics Jacqui Vitas said.

There was also further relief for motorists at the bowser with petrol prices declining for a fourth week in a row aided by the temporary halving of fuel excise as part of the federal government's budget support package.

The Australian Institute of Petroleum said the national average for petrol prices fell by a further eight cents in the past week to 166.3 cents a litre.

Commonwealth Securities chief economist Craig James said the average family is saving around $80 a month.

However, he warned that world fuel prices are on the rise again on fears of a European ban on Russian oil imports and reduced oil production in Libya.

"The lift in global oil prices and the ending of discounting cycles in Aussie capital cities could combine to push pump prices to near $1.80-1.90 a litre again," Mr James said.

The RBA minutes noted that limited availability of skilled labour was one factor constraining the capacity of firms in the resources industry to undertake new capital works.

Prime Minister Scott Morrison said the inability to have a skilled immigration intake over the last few years due to the pandemic has caused some shortages.

He told a mining leaders event in Perth he expects it will take some time for the pipeline of people coming to Australia to build up again.

"I suspect we will see a great interest in people coming to Australia from eastern Europe in the years ahead," he said.

"I think there is an opportunity to encourage people from eastern Europe very much as we saw in the post-war era."

© AAP 2022