Powered by momentummedia
nestegg logo
Powered by momentummedia
Powered by momentummedia
nestegg logo
nestegg logo

 

 

Earn

Consumer confidence boosted by tax refunds

  • August 01 2019
  • Share

Earn

Consumer confidence boosted by tax refunds

By Grace Ormsby
August 01 2019

Tax refunds are having the effect of boosting consumer confidence this tax time, according to one economist.

David Plank

Consumer confidence boosted by tax refunds

author image
  • August 01 2019
  • Share

Tax refunds are having the effect of boosting consumer confidence this tax time, according to one economist.

David Plank

ANZ’s head of Australian economics, David Plank, said confidence has been gaining traction for the second straight week and is now well above its long-run average.

According to data from the bank and Roy Morgan, consumer confidence rose 1.9 per cent over the last week, building on a 0.3 per cent increase from the previous week.

Mr Plank said that “the federal government’s tax refunds for low and middle-income earners look to be boosting sentiment, particularly in the case of the ‘time to buy a household item’ subindex”.

ANZ reported that the major household item index had gained 3.5 per cent after losing 4.4 per cent previously.

Advertisement
Advertisement

The four-week moving average for inflation expectations was also up 0.1 percentage point to 4.1 per cent.

Mr Plank also gave credit to the statement from RBA governor Philip Lowe that interest rates would remain low for an extended period as “likely to have helped support confidence, pushing equities to [a] 12-year high”.

This email address is being protected from spambots. You need JavaScript enabled to view it.

Consumer confidence boosted by tax refunds
David Plank
nestegg logo

Forward this article to a friend. Follow us on Linkedin. Join us on Facebook. Find us on Twitter for the latest updates
Rate the article

About the author

author image

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

more on this topic

more on this topic

From the web

Recommended by Spike Native Network

More articles

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.