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Downpour lifts spirits of Aussie consumers

The recent downpour of rain could be the reason for a rise in Australian consumer confidence for a second consecutive week, according to the ANZ-Roy Morgan Australian Consumer Confidence index.

Last week the index, which is based on about 1,000 face-to-face interviews, gained 0.9 per cent, returning to mid-December levels after a weak start to the year.

The research found that ‘Time to buy a major household item’ strengthened solidly, up 4.7 per cent to its highest level since October.

ANZ head of Australian Economics David Plank believes welcome rain during the week may have added to the overall rise in sentiment, along with some reasonable local data and the US-China deal.

“Overall sentiment remains well below average and quite some way below where it was before the RBA started easing in 2019, however,” he said.

“The attainment of a new record for the local share market could also have played a role.”

He said the domestic focus this week will be on the upcoming employment report and that a soft result may dampen sentiment.

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