"Consumer confidence rose this week as Australian’s perception of their economic and financial prospects continued to improve," ANZ Head of Australian Economics David Plank said.
"The GDP release last week suggests the economy is set for an earlier than expected return to pre-COVID levels, something that would have buoyed sentiment."
"The headline consumer confidence is now at its highest level in 2020. In fact, this is the first time in 18 months that confidence is higher than it was a year prior. ANZ Research believes this bodes well for year-end spending. The jump in weekly inflation expectations to an eight-month high is interesting."
"This aspect of the survey can be very volatile, so we will need to wait to see if the jump is confirmed by subsequent surveys. If it is, then household expectations will be at odds with official forecasts of very subdued inflation pressures."