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Consumer Confidence Up 4.6%, Biggest Gain In Months

The ANZ-Roy Morgan Australian Consumer Confidence index increased by 4.6% last week, marking one of the highest increases in the past three months, with all subindices in the survey gaining.

For instance, ‘time to buy a household item’ rose by 6.4%, while ‘current economic conditions’ increased by 13.1% to be up 25% over the last two weeks.

‘Future economic conditions’ gained for the third week in a row, up 3.9%. The ‘future finances’ sub-index increased by 2.7% and remains the only subcomponent above the neutral level of 100.

“The substantial decline in active cases in Melbourne and continued low numbers in Sydney have raised hopes that the pandemic can be contained without a broadening of lockdowns beyond those already in place,” said David Plank, Head of Australian Economics at ANZ.

“Confidence was up firmly across all states except Victoria and NSW, where the gains were more subdued. Sentiment is now above neutral in Perth and Adelaide.”

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