ANZ-Roy Morgan Consumer Confidence: Upbeat

Alongside the release of the latest weekly ANZ-Roy Morgan consumer confidence reading ANZ noted that "consumer confidence rose for the second consecutive week. It was weaker in Melbourne, though, dropping more than 5% from the prior week. This suggests the announcement of the long path out of lockdown restrictions negatively impacted sentiment. Confidence was also weaker in Sydney, dropping more than 3% from the previous week. Confidence was higher across regional Victoria, and is now back above the neutral level of 100 in Perth. Across the sub-indices, the 'time to buy a major household item' index is above the neutral level of 100 for the first time sinceend June. It joins 'future finances' above the neutral level. As discussions pick up around the October budget, we will be watching for signs that talk about tax cuts and job creation measures may impact consumer confidence."