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(Australian Associated Press)
Consumer confidence increased at the weekend, with an ANZ survey suggesting people are more optimistic about the Australian economy but less sure about the financial prospects for themselves and their families.
The ANZ-Roy Morgan Australian Consumer Confidence index rose 0.8 per cent from the previous week, with respondents’ positive views of the economy over the next 12 months gaining 3.9 per cent – rebuilding after the prior week’s 4.1 per cent slump to a four-year low – and sentiment about the next five years gaining 2.7 per cent.
The weekly measure of consumer mood, which is based on about 1,000 face-to-face interviews conducted on Saturdays and Sundays, also registered a 1.6 per cent increase in people who felt they were better off now compared with a year ago.
But there was a 3.9 per cent drop regarding the prospects for their own financial situation during the next 12 months.
“It is encouraging to see a second week of positive momentum in consumer confidence,” ANZ economist David Plank said.
“Especially given the slew of negative news over the past week: weaker than expected GDP, soft retail sales, bushfires and the smoke haze in Sydney and much of New South Wales.”
The survey’s “time to buy a major household item” metric was up 1.9 per cent, according to the poll results released on Tuesday, adding onto the previous week’s jump of 5.3 per cent when shoppers had access to Black Friday and Cyber Monday discounts.