ANZ-Roy Morgan Consumer Confidence Ticks Higher Again

Alongside the release of the latest weekly ANZ-Roy Morgan consumer confidence reading ANZ noted that "consumer confidence improved for the fourth week straight to its highest level in more than three months. By far the largest contribution came from "current economic conditions", which has jumped almost 20% over the past fortnight. This likely reflects expectations for significant additional spending to be announced in next week's federal budget. In the Treasurer's speech last week, he outlined an updated fiscal strategy focussing on the jobs and economic recovery, rather than repairing the fiscal position, until the unemployment rate is "comfortably" back under 6%. In contrast, "current financial conditions" has effectively plateaued for several weeks. This indicator will be one to watch as JobSeeker and JobKeeper payments are reduced."