Gains for household items purchase.
ANZ-Roy Morgan Consumer Confidence was up by 1.9% last week, building on the 0.3% gain in the previous week. All indexes, except current finances, also rose with the ‘time to buy’ a major household item index gaining 3.5% after losing 4.4% previously.
The Federal Government’s tax refunds for low and middle-income earners look to be boosting sentiment, particularly in the case of the ‘time to buy a household item’ sub-index, according to ANZ senior economist, Felicity Emmett.
“Confidence has gained for the second straight week, and is now well above its long run average,” she said. “Reserve Bank governor Lowe’s statement that interest rates would remain low for an extended period is also likely to have helped support confidence, pushing equities to a 12-year high.”