Consumer confidence was a touch higher in April. The ANZ-Roy Morgan Consumer Confidence Index rose 1 point to 123, near its historical average. Better perceptions of the current situation drove the tick up, with the Current Conditions Index rising 5 points to 130, the highest level since the start of 2018. Meanwhile, the Future Conditions Index ticked down 1 point to 119.
Consumer confidence remains robust, holding onto a rebound from the lows of late-2018. The overall index remains around its historical average, defying housing market softness and global and domestic growth risks. Confidence about current conditions picked up sharply in April, and is flirting with post-GFC highs. This likely primarily reflects the strong labour market. A high proportion of people think it’s a good time to buy a major household item. Indeed, this picked up sharply in April, supportive of household spending despite soft housing market activity. However, caution around the economic outlook has kept confidence about future conditions a little more subdued.
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