Consumer confidence bounced back during the weekend according to an ANZ survey that suggests people are more optimistic about the outlook for the Australian economy.
The ANZ-Roy Morgan Australian Consumer Confidence index rose 2.8 per cent from the previous week, with respondents’ views of the economy over the next 12 months gaining 2.6 per cent and sentiment about conditions during the next five years climbing 6.8 per cent.
The weekly measure of consumer mood, which is based on about 1,000 face-to-face interviews conducted on Saturdays and Sundays, also registered a 1.6 per cent improvement in people who felt they were better off now compared with a year ago.
The poll recorded a 2.6 per cent improvement in people’s perceptions of their finances over the next year – the fourth consecutive weekly gain in this measure.
The survey’s “time to buy a major household item” metric was up 1.3 per cent, recovering somewhat from a 3.3 per cent fall in the previous week.
ANZ economist David Plank said that “better global news, reflected in higher global share prices” may have been one factor behind the boost in overall consumer confidence.