Consumer confidence is on its way back up after a tumble related to the Wentworth by-election.
The ANZ-Roy Morgan survey showed confidence rising 1.9 per cent this week, meaning it has regained almost two thirds of the drop since independent Kerryn Phillips won the seat and forced the coalition into minority government.
‘The recovery since then, back to a level well above the long-run average, suggests the plunge was largely due to the by-election,’ ANZ head of Australian economics David Plank said in a statement on Tuesday.
‘The economic backdrop, which has seen the unemployment rate drop to five per cent, seems to be supportive enough to offset negative influences such as the weakness in housing.’
The rise to 116.8 put confidence above its four-week average of 115.8, and well above its monthly average of 113 since 1990.