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Australia’s ANZ-Roy Morgan consumer confidence for the week ending June 5, rose, more than offsetting the decline witnessed last week. This is majorly due to the solid support gained from the recent release of the gross domestic product.
Consumer confidence gained 3.2 percent, surpassing the 2.2 percent decline in the previous week. It reached 116.8, the highest since Jan, 2014.
The increase in confidence was broad based, with consumers’ views of the economic outlook leading the gains. Views towards 'economic conditions in the next 12 months' bounced a sharp 7 percent, and views towards 'the economy in the next 5 years' also rose strongly, up 3.5 percent.
Consumers surveyed seemed more optimistic about the finances of the economy with the indicator on 'finances in the next 12 months' bouncing 2.5 percent last week and 'finances compared to a year ago' up 0.5 percent. While these series have been weaker recently, they remain well above their long run averages.
Further, there were also increases in personal finances, as well, mirroring the boost in perceptions toward the economic outlook of the economy.
"Going forward, we expect that confidence will remain sensitive to developments in the domestic economic data, as well as the evolution of the political debate in the lead-up to the July election," said Felicity Emmett, Head, Australian Economics, ANZ Research.
While she admits that the strong GDP result was the main factor behind the surge in confidence levels, whether that boost can be sustained will largely be determined by upcoming economic data along with the evolution of the federal election campaign, in her opinion.
