Australian consumer confidence has continued to improve for a second week after rain, reasonable local data and the signing of the US-China phase one trade deal.
The ANZ-Roy Morgan Australian Consumer Confidence index gained 0.9 per cent last week, lifting the level to where it was in mid-December.
The weekly measure of consumer mood, which is based on about 1,000 face-to-face interviews conducted in people’s homes on Saturdays and Sundays, was encouragingly higher given weakness at the start of the year, ANZ Head of Australian Economics, David Plank, said.
“Overall sentiment remains well below average and quite some way below where it was before the RBA started easing in 2019, however,” he said.
He believes welcome rain during the week may have added to the overall rise in sentiment, along with some reasonable local data and the US-China deal.
“The attainment of a new record for the local share market could also have played a role.”
He said the domestic focus this week would be very much on the upcoming employment report and a soft result might dampen sentiment.