Change of PM Recovers Confidence
A turnaround in opinion polls after Malcolm Turnbull’s elevation to Prime Minister has been followed by the biggest weekly jump in consumer confidence in seven years.

The ANZ-Roy Morgan consumer confidence gauge rose 8.7%, more than recouping the 7.1% drop in the previous fortnight and recovering above its long-term averages.

“Increased confidence is certainly a positive for the Australian economy, hopefully translating into increased spending, investment and employment,” Commonwealth Securities chief economist Craig James said this week.

ANZ chief economist Warren Hogan said the new leadership needed to deliver a clear economic story for the country, if the confidence bounce was to be sustained.

“Expectations are clearly high, not unlike when the coalition initially won power, and the community will be sensitive to disappointment on this front,” Hogan said.