Consumer confidence has ripped to its highest level in years.
And why not?
With the election out of the way with a majority result, low inflation, low interest rates, and strengthening auction clearance rates, consumer confidence was up by +3.6 per cent in the last week according to Roy Morgan Research.
Confidence has increased substantially over the past dozen weeks to sit miles above its quarter-century average.
Consumer confidence in Australia historically tends to lead housing finance and dwelling prices, so this is a big result.
ANZ reported that every one of the confidence sub-indices recorded strong gains, including notably the time to buy a major household item, which jumped by +5.1 per cent.
Household views on the 1-year economic outlook jumped by +5.4 per cent, and for the 5-year outlook by +4.8 per cent, to see both of these sub-indices above their long run averages.
Great to see.