Budget boosts consumer confidence
Consumer confidence has risen for the fifth straight week in the wake of the federal budget’s income tax cuts, with households reportedly feeling more optimistic about their future financial positions.
The weekly ANZ-Roy Morgan Australian Consumer Confidence index has tracked a one per cent rise in sentiment to 120.8, the highest point in 14 weeks.
The findings suggest the budget was particularly well received by consumers as eyes turn towards forthcoming wage and employment reports later this week.
“It is very encouraging to see confidence rise for the fifth straight week, particularly since, on average, confidence has fallen 1.2% in the week of the Budget release over the last five years,” ANZ’s head of Australian economics, David Plank, said.
“The rise in sentiment was broad based, with households particularly optimistic about economic conditions and future financial conditions. This suggests that the budget and the personal income tax cuts therein have been well received.”
Household views on current financial conditions rose .7 per cent last week, recovering from a .8 per cent fall in the week before.
View on future conditions rose 1.4 per cent, compared to a 3.2 per cent fall in the week before.
The weekly inflation expectation value slipped to 4.1 per cent.
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