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Consumer confidence in Australia rose in the week ending June 19, reaching the highest level since November 2013 on growing optimism over the economic outlook of the country. Also, a reviving Australian labor market and business sector also helped to lift consumer sentiments.
The latest ANZ-Roy Morgan consumer confidence index surged by 2.1 percent last week, leaving the index at a 2.5-year high of 118.8. It is now well above the series long-run average of 112.8, and provides an optimistic outlook for household spending in the months ahead.
Consumer sentiments toward the economic outlook of the country, measured by ' economic conditions in the next 12 months' rose 2 percent, while views towards 'the economy in the next 5 years' rose strongly by 2.4 percent.
Consumer optimism about their finances also added to the gains, with the indicator on 'finances compared to a year ago' bouncing 3.1 percent last week and 'finances in the next 12 months' up by 1.1 percent. Meanwhile, the final component of the survey, ' whether now was a good time to buy a major household item', also witnesses a rise of 1.6 percent.
"The strength in the labor market in particular is likely to have been a key factor in the improvement in consumer confidence over recent months. And, as we’ve highlighted previously, it’s likely to continue to be a key driver of confidence," said Felicity Emmett, Head, Australian Economics, ANZ.
However, Emmett mentioned that upcoming events over the next few weeks are most likely to keep confidence under control. This week’s Brexit vote, with its ability to drive volatility on financial markets, has the potential to impact domestic confidence, while closer to home the Federal election campaign could affect confidence as the polling date nears on July 2, although to date there are few signs that the long campaign has weighed on sentiment.
Should the Bremain camp win the June 23 votes, surge in Australian stocks and the AUD will further propel consumer sentimen, pushing it even higher than current levels.
