Consumer Confidence: continues to recover post-budget

ANZ-Roy Morgan Australian Consumer Confidence rose for the fifth straight week – up 1.0% to 120.8, the highest in 14 weeks. The details were broadly positive with four out of five subindices posting gains.

ANZ’S HEAD OF AUSTRALIAN ECONOMICS, DAVID PLANK, COMMENTED

“It is very encouraging to see confidence rise for the fifth straight week, particularly since, on average, confidence has fallen 1.2% in the week of the Budget release over the last five years.

The rise in sentiment was broad based, with households particularly optimistic about economic conditions and future financial conditions. This suggests that the Budget and the personal income tax cuts therein have been well received.

With confidence currently at its highest point since early February, we now look to the wage and employment reports out later this week, which could set the tone for confidence in the short run.”

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