The latest ANZ-Roy Morgan Consumer Confidence index gained, albeit modestly on 0.3%, which is up 42% from its low point in March, when fears about the pandemic were at its most extreme. The time to buy a household item index also strengthened slightly.
ANZ head of Australian Economics, David Plank said while still below average, sentiment has recovered strongly from its March low and is now only around 15% below its level at the end of February.
“Government measures and signs that the job market is stabilising seem to be playing a key part in the recovery of the index despite recent concerns over trade with China and weak retail sales.
“These factors, and the move in Australia’s credit rating to a negative outlook by US credit ratings agency Fitch, may explain why expectations about the ‘future economic outlook’ fell,” he said.
