Australia: Consumer confidence rebounds sharply - ANZ

Analysts at ANZ note that Australia’s consumer confidence jumped sharply (up 4.7%) this week following a disappointing performance the previous week (down 2.3%) and the increase in confidence was broadly based with all five sub-indices posting gains. 

Key Quotes

“Households’ views of current finances rose a sharp 9.3% in the week ending 26 February, more than reversing last week’s 7.5% fall. Sentiment towards future finances also rose a solid 6.3% bringing the index to its highest value since March 2016.”

“Households’ views around economic conditions also improved. Sentiment towards the 12 month outlook bounced 4.4% while sentiment towards the longer term outlook rose a more modest 1.7%.”

“The ‘good time to buy a household item’ sub-index rose for the third straight week (up 2.5%) bringing the index to its highest value in six weeks.”