Consumer confidence continues to bounce back

Consumer confidence keeps marching ahead with the latest ANZ-Roy Morgan data showing a hike in confidence for the seventh straight week, up 2.2%.

Household spending is holding up too with the ‘time to buy’ a major household item index strengthening with a 3.5% pickup.

According to ANZ head of Australian Economics, David Plank while confidence continued to rise last week, the pace of increase has eased. “The recent gains have resulted in the index recovering some 70% of the fall seen in the last two weeks of March,” he said.

“The gain likely reflects the continued good news on the path of the pandemic in Australia and the associated progressive easing of restrictions. However, the challenge for the coming week will be how households react to what is expected to be more dire news on the state of the labour market.”

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