Australia ANZ Consumer Confidence 114.5, up 8.7% w/w (prior 105.3)
For the week ended September 20 … the week we got a new PM
That’s the biggest rise in a week on record
ANZ comments:
Bounce in confidence was broad-based
In particular, views on economic conditions over the next year jumped 25.8% (2nd largest one-week gain since the series began in 2008)
Confidence in the economy over the next five years also gained a robust 13.4%, but remains well below its long-run average
Chief Economist Hogan:
“The sharp jump in consumer confidence last week is a clear vote of confidence in the new Prime Minister, Malcolm Turnbull
For the bounce to be sustained, however, the new Prime Minister and his colleagues will need to deliver a medium-term reform strategy in the context of a clear economic story for the country”
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
