Consumers find joy in June

Last updated 13:30 20/06/2014

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Consumer confidence is still high, regaining some previously lost ground this month, which is seen as an "incredibly healthy sign" given rising interest rates.

The June ANZ-Roy Morgan consumer survey shows confidence up 4 points to 132 points.

Confidence was up despite interest rates rising and expectations they would move up even more.

Confidence looked resilient and "outright strong", ANZ said.

Consumers were upbeat given a strong economy, growing job numbers and falling unemployment, and the prospect of higher wages. And a "fabled" soft landing for the housing market was in sight too.

Inflation also remained low. And while interest rates were moving up that was a positive for depositors.

Households were feeling better off than a year ago, with a net 13 per cent positive, compared with 10 per cent in May.

A net 42 per cent thought it was a good time to buy a major household item, also up from May, as the high dollar held down import prices.

The ANZ's composite confidence gauge measuring both consumer and business confidence was still projecting a booming economy, with 6 per cent growth possible if the traditional link held up.

But ANZ was expecting growth of about 4 per cent, "bubbling along but without the froth".

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