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Financial News: Australia's Consumer Confidence Improves

Australia's Consumer Confidence Improves

11/13/2017 - 23:14:00 (RTTNews)

(RTTNews) - Australia's consumer confidence strengthened during the week ended November 12 to the highest level in seven weeks despite the current political uncertainty, a weekly survey compiled by the ANZ bank and Roy Morgan Research showed Tuesday.

The consumer confidence index climbed to 114.8 form 112.6 in the preceding week.

The rise was primarily driven by a lift in sentiment towards economic conditions, only slightly offset by a fall in sentiment towards current financial conditions.

"Wage and employment data out later this week are likely to drive confidence in the near term," ANZ's head of Australian economics, David Plank, said.

"We expect an uptick in Q3 wages due to the larger-than-usual minimum wage hike and a positive number on the employment front, suggesting that confidence should receive some support even as political uncertainty rises."

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