Confidence jumps to its highest for 2019

• Confidence jumped by a healthy margin of 3.6% last week, taking the index to its highest level since December 2018.

• Current finances were also up 3.6% to 109.2, which is an eight-month high. Future financial conditions were up by 5.2%, its fourth straight weekly gain.

• Current economic conditions rose by 2%, while future economic conditions jumped by 7.7%. Future economic conditions are now the highest since 2013.

• The ‘time to buy a household item’ was flat. Four-week moving average inflation expectations were stable at 4.0%. The weekly reading rose by 4.2%, however, reversing much of the prior week’s decline.

ANZ Head of Australian Economics, David Plank, commented:

“Strong domestic labour market data and encouraging economic news from China have resulted in a strong gain in ANZ Roy-Morgan consumer confidence. Consumers are now the most upbeat they have been in 2019. Continuous gains in future financial and economic conditions suggest that the Australians are getting comfortable with their future financial wellbeing. Four week moving average inflation expectations were stable at 4% though the weekly print is showing a considerable amount of volatility.”

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