Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Wednesday, 24 August 2016

Consumer confidence to multi-year high

Confidence bounces


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.