(Australian Associated Press)
The solid domestic economy has offset any consumer uncertainty about the election of Donald Trump as US president, ANZ says.
The ANZ-Roy Morgan Consumer Confidence Index edged up 0.3 per cent in the week ending November 13, building ground from the previous week’s 3.2 per cent leap.
ANZ head of Australian economics Felicity Emmett said consumer confidence was steady in the face of the surprise US election outcome, compared to a 1.7 per fall in sentiment following the Brexit vote.
“This likely reflects the fact that financial markets settled after Trump’s acceptance speech, with many markets reversing earlier losses and volatility subsiding rapidly,” Ms Emmett said in a statement on Tuesday.
“More broadly, consumer confidence remains well above its long run average, supported by a solid domestic economy. On the domestic front, this week’s data on wages and employment will be important for confidence.”
Consumers’ views towards the wider economy remained the main driver of the overall rise in confidence last week.
Households’ views on the economy over the next five years leapt 3.5 per cent, and their views towards economic conditions over the next 12 months were up 1.2 per cent.
However, respondents were 0.8 per cent less optimistic about their current finances compared to one year ago, and they were also less optimistic in about their feelings about their finances in one year’s time, with that measure slipping by 1.2 per cent.