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Consumer confidence inches up again

Consumer confidence continues to strengthen as it hits a nine-week run, the most extended example of consecutive gains since the Roy Morgan index changed to a weekly format in 2008. All financial and economic sub-indices gained compared to the previous reading.

Now 24%, up 1%, of Australians said their families are ‘better off’ financially than this time last year, while families who are ‘worse off’ financially remained steady on 36%. For the longer term, 24%, up 4%, are expecting ‘good times’ for the economy over the next five years compared to 17%, down 3%, expecting ‘bad times’.

And there is good news for retailers too with 42%, up 7%, who believe now is a ‘good time to buy’ a major household items, while 34%, down 4%, reckon it is a ‘bad time to buy’.

While acknowledging the nine weekly gains in a row is unprecedented, so too is the depth of the starting point, ANZ head of economics, David Plank said.

“More good news about control of the pandemic and the consequent relaxation of restrictions was key to the lift in sentiment,” he said. “Expectations of residential housing stimulus and lower petrol prices may also be playing a role, although lower petrol prices are also contributing to the record low in inflation expectations.”

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