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Consumer confidence boosted by tax refunds

By Grace Ormsby · August 01 2019
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Consumer confidence boosted by tax refunds

By Grace Ormsby
August 01 2019
Reading:
egg
egg
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David Plank

Consumer confidence boosted by tax refunds

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By Grace Ormsby · August 01 2019
Reading:
egg
egg
egg
David Plank

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

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.

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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”.

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Consumer confidence boosted by tax refunds
David Plank
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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.

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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.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

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