ANZ Roy Morgan weekly Consumer Sentiment has a big jump to 114.6
- for the week ended May 17
- prior was 110.6
That's the best result for this measure since November of last year
Pushes the indicator above is long term average
Last week's budget has been well received by consumers measured in this survey
Comments from ANZ chief economist Warren Hogan:
- The 3.6% weekly rise in measured confidence is almost twice the average weekly move of 2.0%, which indicates to us that the Budget impact has been strongly positive.
- Sentiment is now above its long-term trend and if the recent upward momentum is sustained would be consistent with stronger retail spending and economic growth over the second half of the year.
- However, the fragility of confidence over the last 18 months or so suggests that a continuing improvement cannot be taken for granted even in the presence of rising asset markets and low interest rates.
- ... we expect that job security will remain front and centre for Australians in their assessments of not just their own financial situation, but also the outlook for the economy. As such, the unemployment rate will be critical to prospects for sentiment, spending and the economic outlook
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AUD is little changed.
Orderboard for today is here.
