(Australian Associated Press)
Consumers are feeling jolly again, with confidence levels retracing most of the falls seen in the past three weeks.
The latest ANZ-Roy Morgan weekly consumer confidence index was up 3.1 per cent for the week to December 6, and is back well above its long-run average.
ANZ’s co-head of Australian economics Felicity Emmett said more positive newsflow around the economy may have lifted overall sentiment.
“Both retail trade and the official numbers on GDP (gross domestic product) growth (showed) the Australian economy (is) growing at a better-than-expected rate,” she said.
Consumers may also be feeling more optimistic as we enter the festive season, Ms Emmett said.
“It will be important for confidence to remain elevated to help support consumer spending in the crucial Christmas shopping period,” she said.
ANZ economists said the rebound was helped by sharp rises in consumers’ views towards their current finances, which rebounded by 5.4 per cent following four weeks of flat to negative growth.
Respondents’ views towards their future finances and the economic outlook also strengthened, the report showed.