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The ANZ-Roy Morgan Research (RMR) consumer confidence index has bounced back following two consecutive weeks of falls, rising by 4.0 points (3.7%) to 112.5, taking it just below its long-run average reading of 113.2 (see next chart).
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This week’s bounce was driven by improved sentiment of where household finances are now compared to a year ago and where they will be on a 1 and 5 year time frame.
The below chart plots the most recent Westpac-Melbourne Institute Consumer Sentiment index against the ANZ-RM Consumer Confidence index:
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.