(Australian Associated Press)
Consumer confidence jumped at the weekend, according to an ANZ survey that suggests people are feeling more optimistic about the prospects for their own family as well as the economy at large.
The ANZ-Roy Morgan Australian Consumer Confidence index rose 4.2 per cent from the previous week, with respondents’ perception of the economy – including the outlook for the next 12 months – up 3.5 per cent and sentiment about conditions during the next five years gaining 5.7 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 recorded a 6.9 per cent rise in how people felt about their current financial condition compared with a year ago and a 5.9 per cent increase regarding their finances during the next 12 months.
The survey’s “time to buy a major household item” metric climbed 7.1 per cent, bouncing back from a 3.8 per cent fall in the previous week that had left the sub-index at a 10-year low.
The latest poll result puts the overall consumer confidence index at its highest point since the weekend of August 10-11.
“This jump came despite ongoing geo-political tensions and less than encouraging domestic data prints, suggesting the possibility that the early signs of recovery in the housing sector and expectations of further easing by RBA may be supporting consumer sentiment,” ANZ economist Felicity Emmett said.