Consumer confidence is continuing its upward trend, rising another 4.1%, the highest level since late June, as new cases of COVID-19 in Victoria plunged to the lowest point since early July.

Driving the increase this week was increasing confidence across all five ANZ-Roy Morgan indices led by confidence improving about Australia’s economic performance over the next five years.

In addition, more Australians now expect their family to be ‘better off’ financially this time next year, again the highest point for the indicator in two months. Also, on the increase were household purchase intentions, with an increase in 4% of consumers saying now is a good time to buy a major household item.

ANZ Head of Australian Economics, David Plank said it was an encouraging development in consumer confidence built on the gain seen in the previous week, that represented the strongest weekly gain for some time.