Consumers look beyond dark clouds: ANZ
Consumer confidence edged up at the weekend, according to the mixed results of an ANZ survey signalling household optimism about the longer term future but concern about the current state of the economy.
The ANZ-Roy Morgan Australian Consumer Confidence index rose 0.3 per cent from the previous week, with respondents' perception of the economy - including the outlook for the next 12 months - falling 2.7 per cent but sentiment about conditions during the next five years gaining 3.8 per cent.
The weekly measure of consumer mood, which is based on about 1,000 face-to-face interviews conducted on Saturdays and Sundays, also recorded a 3.3 per cent drop in how people felt about their current financial condition compared with a year ago and a 1.3 per cent increase regarding their finances during the next 12 months.
The survey result, while recording the second consecutive overall upward move, showed a reversal in the components of the previous week's reading when there was a 5.9 per cent spike in consumers indicating they felt better off than a year ago and a 3.0 per cent drop in the outlook for their own finances in the year ahead.
Answers about how the Australian economy at large will likely fare over the next 12 months have been more consistent, with the current 2.7 per cent slide the fifth move lower in a row.
"Consumers remain apprehensive about the economic outlook over the coming year," ANZ economist David Plank said on Tuesday, citing the release of disappointing data last week including construction work and business investment that could have affected sentiment.
The poll's "time to buy a major household item" metric gained 1.7 per cent after rising 4.0 per cent the week before.
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