Consumer confidence rose last week, driven by a positive response to the federal budget.
Confidence surged 3.6 per cent last week to its highest level since November, after a 1.7 jump the previous week, ANZ/Roy Morgan’s consumer confidence index shows.
Consumer confidence is a significant driver of our property markets
When people feel more confident about their jobs, their future and their wealth, they make significant purchasing decisions including buying a new home or investment properties.
Rising consumer confidence, as well as low interest rates plus the weekly reports of rising property values is surely going to put further impetus under our property markets.
Commenting on the latest survey ANZ chief economist Warren Hogan said:
“The initial positive reaction of Australians to last week’s budget is great news for the economic outlook,
This suggests to us that Australians believe the government has got the mix of medium-term fiscal consolidation and short-term support for the economy about right.”