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(Australian Associated Press)
Consumer confidence rose over the weekend as the coalition’s federal election win appeared to boost sentiment, an ANZ economist says.
The ANZ-Roy Morgan Australian Consumer Confidence index increased by 2.1 per cent from the previous reading, which had recorded a fall of the same amount.
The weekly measure of consumer sentiment is based on about 1,000 face-to-face interviews conducted on Saturdays and Sundays, meaning only some of the survey’s respondents were aware of the coalition’s victory that bucked polling indications of a Labor win.
“The surprise election result, which people surveyed on Sunday would have known, most likely had a significant impact on sentiment,” ANZ economist David Plank said.
“The move only reverses the prior week’s fall, however, so we won’t overplay it”.
The survey’s “time to buy a household item” metric jumped 4.1 per cent to its highest level since the end of March.
It also recorded a 3.8 per cent rise in respondents’ views of current economic conditions – a measure that had tumbled 8.1 per cent in the prior week.