Highest level since July.
Consumer confidence rose 1.9% last week, bringing the ANZ-Roy Morgan index to its highest level since late July and above the average for 2018 as a whole.
And what is good news for retailers, the ‘time to buy a household item’ sub-index registered its third consecutive weekly gain, increasing by 3.6%. Households’ perception of current financial conditions also rose, up 3.3%.
This rise in confidence came despite ongoing strength in petrol prices as well along with a sharp weakness in equity markets, according to ANZ head of Australian economics, David Plank.
“Regardless, the key takeaway is that consumer sentiment remains resilient despite a number of potentially negative influences. With the strength in the labour market providing clear support to confidence, this week’s employment numbers will be closely watched,” he said.
Sentiment towards current economic conditions fell by 1.9%, while future economic conditions jumped 3.3%. Both these indices fell last week.