Confidence adds to economic hum

JAMES WEIR
Last updated 13:24 13/12/2013

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In a good sign for shop tills for Christmas, consumers are in a "buoyant" mood, according to a bank survey.

The ANZ-Roy Morgan survey shows consumer confidence edged up 1 point to 129.4 points, its highest level since the start of 2010.

And it's not just the onset of summer and holiday season.

ANZ said its seasonally adjusted estimates showed the same pattern of improvement, with overall confidence at 129.8 which is its highest level since February 2007.

Consumer and business confidence surveys suggest the economy is booming. While ANZ said that was not happening yet, ''we like the strong signal".

"Solid confidence is adding to the economic hum," ANZ said.

Consumers are positive about their own financial prospects in the year ahead with a net 37 per cent upbeat.

Views on the general economy a year out are also upbeat (+27), as is sentiment towards the economy five years out (+35).

The net balance of consumers feeling better off than a year ago eased fractionally, but at plus 9 per cent positive that was well above the net balance of -7 last December.

More encouraging for retailers of durable goods was the climb in the balance of respondents viewing it to be a good time to buy a major household item (+39), which hit a four-month high after a period of declines.

FFX /jw rm

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- Fairfax Media

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