ANZ’S HEAD OF AUSTRALIAN ECONOMICS, DAVID PLANK, COMMENTED
“The recovery in confidence has now extended to four consecutive weeks, driven by a solid improvement in aggregate economic conditions. It is encouraging to see confidence recover in the weeks leading up to the Commonwealth Budget; expectations of personal tax cuts have likely played a part.
For the last five years, the average weekly confidence in the week before the Budget release has been 112.0, falling 1.2% on average in the week immediately after. Currently confidence sits well above that level at 119.6, supported by robust labour market performance, accommodative monetary policy and expectations of personal income tax cuts.”
Please see the attached document for further details.