ANZ’s Head of Australian Economics, David Plank, commented
“Consumer confidence registered its third consecutive gain after the sharp fall recorded during the Wentworth by-election weekend. In fact, confidence has more than regained that fall and is at its highest level since late July.
Last week’s RBA Statement on Monetary Policy was quite upbeat on the Australian economy. At the same time, the Bank’s message of no near-term hikes in the interest rate was reassuring for households. Sentiment might have received boosts from the recent easing in petrol prices and the rebound in equity markets.
There is some important data this week that may impact household sentiment, not least Q3 wage data. We think this will be boosted by the rise in the minimum wage and the finalising of some enterprise agreements.”
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