Con­sumer tick for econ­omy

Geelong Advertiser - - BUSINESS BEAT -

CON­SUMER con­fi­dence has bounced to a seven-week high, with peo­ple feel­ing more op­ti­mistic about the econ­omy and buoyed by im­prove­ments in the job mar­ket, fig­ures show.

The ANZ-Roy Mor­gan Con­sumer Con­fi­dence In­dex shows a 2 per cent rise over the past week, driven by house­hold­ers’ ex­pec­ta­tions for the health of the econ­omy hit­ting a 14-week high.

ANZ head of Aus­tralian eco­nom­ics David Plank said it was en­cour­ag­ing to see the im­prove­ment de­spite cur­rent po­lit­i­cal un­cer­tainty.

Con­sumers may be pos­i­tive about the econ­omy but they view their own fi­nan­cial sit­u­a­tion as be­ing worse off than a year ago.

The in­dex recorded a 0.9 per cent fall in house­holds’ sen­ti­ment to­wards their fi­nances.

This pes­simism did not dull con­sumers’ ap­petite for spend­ing now, how­ever, with the in­dex record­ing a 1 per cent in­crease in their will­ing­ness to buy ma­jor house­hold items.

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