State Budgets Generate Consumer Confidence Rise
Australians are feeling slightly better about the current state of the economy, with consumer confidence rising in the wake of two state budget reveals.
ANZ-Roy Morgan Consumer Confidence was up 3 points to 84.7 this week, with confidence up in NSW, Queensland, and Western Australia.
Despite this, it remans a staggering 27.5 points below the same week in 2021, and sits 9.5 points below the 2022 weekly average.
Consumers aren’t in a rush to buy a major household item either, with just 27 per cent saying now is a good time to buy, compared to 43 per cent saying it is a bad time.
ANZ Head of Australian Economics, David Plank, said the rise in confidence was “possibly helped by the state budget initiatives in NSW and Queensland.”
“The improvement in sentiment doesn’t mask the fact that it remains exceptionally weak, with all subindices well below neutral.
“We expect this week’s retail figures for May to confirm that spending is holding up despite low confidence.”