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Interest rate rises have done little to dampen consumer confidence which has hit its highest level since late June.
Consumer confidence increased by 4.9% last week, according to the regular ANZ-Roy Morgan survey, with most of the confidence sub-indices improving.
The report found confidence in terms of the “current financial conditions” increased by 5.4% while confidence in “future financial conditions” increased 8.2%.
Confidence in the “current economic conditions” rose 13.8% to its highest level since early June.
ANZ head of Australian economics David Plank says confidence is up very strongly in Western Australia and also made solid gains in NSW and Victoria. But he says confidence declined in Queensland and South Australia.
“We aren’t getting carried away,” Plank says. “Sentiment toward ‘future financial conditions’ is still well below average and overall confidence is negative.”
The latest ABS figures show that the unemployment rate fell from 3.5% to 3.4% in July, with the number of unemployed people falling by 20,200 to 473,600.
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