The first edition of the new weekly ANZ-Roy Morgan Consumer Confidence survey was released this morning and showed that consumer confidence increased modestly last week with a rise of 0.7%, but remains 0.9% lower over the month in February.
The ANZ notes that the bounce in confidence after the election in September has mostly been erased but it still remains higher than the long-term average.
The good news in this survey – when you take a long view – is that it suggests both a pick-up in household consumption and employment in time.
ANZ chief economist Warren Hogan noted this saying:
…concerns over the economy’s ability to transition from its reliance on mining investment to other sources of growth have cooled a little. Additional to the improved outlook for household consumption, building approvals (both residential and non-residential) have risen sharply