The ANZ-Roy Morgan consumer confidence index has been released with confidence lifting 0.3% in the weekend of 1-2 May following the end of Perth’s lockdown:
The consumer confidence index (112.7) is now running around the historical average since 1990 (112.6); although the four-week average (113.3) is higher.
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According to ANZ’s Head of Australian Economics, David Plank:
Confidence rose by 0.3% across Australia over the past week, with a gain of 1.3% in Perth. The magnitude of the Perth gain is much smaller than the one following Perth’s lockdown at the end of January – possibly because another few cases of infection and the bad news out of India have the city and country somewhat on edge. There was some strength in ‘current financial conditions’, which rose by 2.2%. This gain could be a result of the announcements made about the Budget such as additional funding for childcare. Overall confidence is just above the long-run average.