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Consumers show confident start to 2018

Petrina Berry  |  30 Jan 2018Text size  Decrease  Increase  |  
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BRISBANE - [AAP] Consumer confidence is up again--possibly with some help from the cancellation of a planned rail strike in Sydney--and showing encouraging signs of building momentum, new figures indicate.

ANZ-Roy Morgan Australian Consumer Confidence rose 1.3 per cent last week to 120.9 points after it fell 3.3 per cent the prior week.

The latest survey, based on 1,000 face-to-face interviews at the weekend, showed consumers were more optimistic about both current and future economic conditions.

However, views around their own current and future financial conditions were weak and sentiment around buying a household item dropped for a second consecutive week.

ANZ's head of Australian economics David Plank said the improved overall outlook may have been helped by the fact a major rail strike planned for Sydney was averted after the NSW government won a court ruling that blocked the action.

"Encouragingly consumer confidence has sustained the bulk of its January gains, potentially setting up 2018 for a solid start in terms of consumer spending," he said.

He said next week, the key data releases that will influence consumer confidence will be the official December and fourth quarter retail sales figures.

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"The strength of retail sales in October and November, especially, means that the quarterly result will almost certainly be quite solid after the weak third quarter result," he said.

"We would not be surprised to see December month retail sales post a small decline after the very strong result for November, however."

 

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© 2021 Australian Associated Press Pty Limited (AAP) or its Licensors. This is the Morningstar service with content provided by AAP where indicated. AAP reserves all rights, including copyright, in services provided by it. The information in the service is for personal use only, does not constitute financial product advice (whether general or personal) and may not be re-written, copied, re-sold or re-distributed, framed, linked or otherwise used whether for compensation of any kind or not, without the prior written permission of AAP. You should seek advice from a professional financial adviser before making decision to acquire or dispose of a financial product.

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