(Australian Associated Press)
Consumer confidence moved higher over the weekend as many taxpayers cashed in their refunds, an ANZ analysis suggests.
The ANZ-Roy Morgan Australian Consumer Confidence index rose 1.9 per cent from the previous week, with respondents’ perception of the economy – including the outlook for the next 12 months – jumping 5.8 per cent while prospects about conditions in the next five years were unchanged.
But the weekly survey of consumer mood, which is based on about 1,000 face-to-face interviews conducted on Saturdays and Sundays, also recorded a 0.9 per cent fall in how people felt about their financial condition compared to a year ago.
There was a 1.2 per cent increase in sentiment when people were asked about the finances of themselves and their family over the next 12 months.
The “time to buy a major household item” metric rose 3.5 per cent after having retreated 4.4 per cent in the previous week.
“The federal government’s tax refunds for low- and middle-income earners look to be boosting sentiment, particularly in the case of the ‘time to buy a household item’ subindex,” ANZ economist Felicity Emmett said.
Workers earning between $48,000 and $90,000 a year will receive a $1,080 refund after they lodge their tax return.