Last weeks big fall in the ANZ – Roy Morgan Consumer confidence survey has been sharply reversed this week with the index bouncing 3.7% to 112.5 for the week ending Saturday the 17th of August.
The key to the big pick up has been the improved outlook of consumers about where their finances are now compared to a year ago and where they will be on a 1 and 5 year time frame.
That is really good economic news and continues to build a picture of a consumer that is comfortable with where their family finances are at.
The good news, as ANZ Chief Economist Warren Hogan put it, is that “Consumer confidence has stabilised near its long-run average level in August. Along with low interest rates and a gradual improvement in the labour market this should support house prices and retail spending as we head into spring”.
Good news indeed.
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