Consumer tick for economy

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.