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