Aussie consumer confidence has risen for a second consecutive week, boosted by optimism about current economic conditions
The ANZ-Roy Morgan Australian Consumer Confidence index rose 1.5 per cent last week to 122.7, extending the previous week’s 1.3 cent lift and sustaining the relatively optimistic start to 2018.
The improvement was helped by households’ sentiment toward current economic conditions which rose 4.2 per cent to 120.4, the highest reading since November 2010.
But, confidence in future economic conditions slipped 0.4 per cent last week, after a solid 4.2 per cent rise the previous week.
Optimism toward current financial conditions also lifted, by 5.5 per cent, while views on future finances were slightly more positive, up 0.6 per cent.
ANZ head of Australian economics David Plank said the pick-up in optimism was encouraging, with all sub-indices now tracking above their long-term averages, a trend not seen since 2013.
“The uptrend in consumer confidence, while broad based, has primarily been driven by a sustained improvement in views towards the economic outlook,” he said.
Consumer confidence was catching up with the more robust levels of business confidence, Mr Plank said, thanks mainly to an improving local jobs market and the synchronised global bump in economic activity.