The ANZ-Roy Morgan Research consumer confidence index has rebounded following last week’s 8-month low, jumping by 3.0 points to 111.8 in the week ended 26 April, although it is still below the long-run average of 113 (see next chart).
According to ANZ:
“…the improvement last week was fairly broad-based, with particular strength in expectations of the economic outlook over the next year (+8.6%)…
A good jobs report for March, continued strength in housing markets and the Government’s positioning of the upcoming Budget appear to have helped support confidence in the past week”.
The below chart plots the most recent Westpac-Melbourne Institute Consumer Sentiment index against the latest ANZ-RM Consumer Confidence index:
Despite this latest bounce, both indexes remain depressed.
