(Australian Associated Press)
Consumer confidence rose at the weekend, according to an ANZ survey that suggests people are feeling better off than they were a year ago but are hesitant about the future.
The ANZ-Roy Morgan Australian Consumer Confidence index is up 1.2 per cent from the previous week, with a 5.9 per cent surge in how respondents felt about the financial circumstances of themselves and their family compared with 12 months ago – a reading that lifts the current finances metric to its highest level since the poll began in 2008.
But the weekly measure of consumer mood, which is based on about 1,000 face-to-face interviews conducted on Saturdays and Sundays, also recorded a 3.0 per cent fall in people’s perceptions about their finances over the next 12 months.
The survey responses also indicated sentiment about the Australian economy as a whole, including the outlook for the next 12 months, fell 1.4 per cent and perceptions about conditions during the next five years edged up 0.2 per cent.
“Lower interest rates and taxes are undoubtedly helping” boost overall consumer sentiment, ANZ economist David Plank said.
The survey’s “time to buy a major household item” metric gained 4.0 per cent after three consecutive weeks of falls.