Confidence lifts on China, Greece news

A shopper looks at items inside a store in Sydney on Thursday, June 4, 2015. (AAP Image/Paul Miller) NO ARCHIVING

Sydney
(Australian Associated Press)

Consumer confidence has bounced, driven by easing concerns about Chinese equities and a breakthrough in Greece’s debt saga.

The ANZ-Roy Morgan consumer confidence index rose 4.5 per cent to 111.8 points in the week to July 19, following a 3.6 per cent fall the previous week.

The rebound included big jumps in both the economic outlook for the next year, and the next five years, according to the weekly survey.

ANZ economists said the bounce was likely driven by decreased concerns around international events.

“The uplift in confidence is a positive sign that recent concerns around Greece and China have not had a lasting impact on sentiment,” ANZ economists said.

“Despite the lift, levels remain subdued and confidence is a vital ingredient missing in the economy.”

Last week, eurozone leaders finally struck a fresh bailout deal to prevent debt-stricken Greece from crashing out of the euro.

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