Confidence up, economy fears linger: ANZ

Consumer confidence has bounced back according to the mixed results of an ANZ survey signalling higher household optimism but deteriorating expectations about the economy as a whole.

The ANZ-Roy Morgan Australian Consumer Confidence index rose 1.2 per cent from the previous week, with respondents’ positive views of the economy over the next 12 months falling 4.1 per cent to a four-year low and sentiment about conditions during the next five years gaining 1.0 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 drop in people who felt they were better off now compared with a year ago but a 4.2 per cent increase regarding the prospects for their own finances during the next 12 months.

The overall confidence index was bolstered by 5.3 per cent jump in the “time to buy a major household item” metric, which rebounded from the previous week’s 10-year low, perhaps helped by Black Friday and Cyber Monday sales period during the survey time.

AAP

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