Australian consumer confidence has risen to 117.4pts (up 2.4pts over the past week), the highest point since January and 6.2pts higher than a year ago – positive news for the auto industry.
Driving the rise was more confidence in Australia’s economic future and also in personal financial situations compared to a year ago.
Gary Morgan says: “Confidence has increased for the second straight week to 117.4 (up 2.4pts) as expectations rise the RBA will deliver an interest rate cut today in time for Christmas.”
Australians are more confident about Australia’s economy over the next twelve months with 32% (up 2%) of Australians expecting ‘good times’ economically compared to 28% (down 3%) that expect ‘bad times’.
Now 33% (up 1%) of Australians say their family is ‘better off’ financially compared to a year ago while 29% (down 4%) say their family is ‘worse off’ financially.
Over the next five years 35% (unchanged) of Australians expect Australia’s economy to have ‘good times’ economically while just 18% (down 3%) expect ‘bad times’ – the lowest since May 12/13, 2012.
Australians are more positive about their personal finances over the next 12 months with 39% (down 1%) saying they expect their family to be ‘better off’ financially while just 18% (up 2%) expect to be ‘worse off’ financially.
A lesser majority of Australians (56%, down 2%) say now is a ‘good time to buy’ major household items and only 15% (down 4%) of Australians say now is a ‘bad time to buy’ major household items (the lowest since January 7/8, 2012).
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