
Most read
Pros and cons: Working in the gig economy...
Pros and cons: Working in the gig economy...

Latest Podcast
Is the market overheating; should ETFs take your fancy, and what’s happening t...
Is the market overheating; should ETFs take your fancy, and what’s happening t...

Resources
There is $17.5 billion in lost and unclaimed super across ...
There is $17.5 billion in lost and unclaimed super across ...
Invest
‘Now is a good time to buy major items’: consumer survey
Australian consumer confidence is continuing to grow, with the majority now saying it’s a good time to spend, new research has revealed.

‘Now is a good time to buy major items’: consumer survey
Australian consumer confidence is continuing to grow, with the majority now saying it’s a good time to spend, new research has revealed.

Survey results collated by ANZ and Roy Morgan have found that 43 per cent of respondents now believe it’s a “good time to buy major household items”, the highest figure for nearly 10 months.
In comparison, only one in four respondents now thinks it is a “bad time to buy”.
Overall consumer confidence has reached an 18-month high, with the weekly ANZ-Roy Morgan consumer confidence index rising by 1.7 per cent over the weekend to mark its second consecutive gain.
ANZ head of Australian economics, David Plank, pointed out that consumer confidence rose this week due to the perception of Australia’s economic and financial prospects continuing to improve.
“The GDP release last week suggests that the economy is set for an earlier than expected return to pre-COVID levels, something that would have buoyed sentiment,” he said.
With consumers continuing to feel confident, Mr Plank said it could be a good time for retailers in the lead-up to Christmas.
“We believe that this bodes well for year-end spending,” he said.
The ANZ-Roy Morgan’s survey coincides with NAB’s monthly business survey, which showed a nine-point jump in confidence in November, taking it to its highest level since 2018.
According to NAB Group chief economist Alan Oster, it was encouraging to see business confidence grow in November despite Victorian lockdowns.
“Conditions also saw gains and, importantly, this was evident across most states,” he said.
“However, the employment index did not see a further improvement and remains in negative territory. So, while activity is picking up as the economy reopens, businesses are yet to move back into hiring mode,” Mr Oster explained.
The economist pointed out the economic recovery cannot truly get underway until employment picks back up, with businesses yet to increase staff levels.
“Businesses’ appetite to hire workers and undertake new investments will be crucial to the economy’s recovery going forward, as the initial bounce in activity – and any pent-up demand – fades,” Mr Oster concluded.
About the author

About the author


Spending
Consumer spending set to boost economic recovery
Australia’s recovery from the COVID-19 downturn looks to be buoyed by a wave of consumer spending, as Aussies increase their spending habits post-lockdown restrictions, new studies have revealed. ...Read more

Spending
Trans-Tasman border open for the first time in nearly 400 days
Quarantine-free travel between Australia and New Zealand has restarted for the first time in over a year, with the Prime Minister pointing to a further expansion of the bubble. ...Read more

Spending
Google found to ‘partially’ mislead consumers
Google has “partially” misled consumers by collecting some data on Android and Pixel phones even after the customer ticked “No” or “Do not collect”, a court has found. ...Read more

Spending
Energy prices fall – how you can cash in on the $900m saving
Households are being urged to check the price they are paying for electricity after it was revealed that prices across the eastern seaboard have fallen significantly in the back half of 2020, official...Read more

Spending
Aussies choose to shop local in pandemic recovery
Australians are increasingly turning their attention to homegrown businesses and brands as they look to help the country recover from its first economic downturn in nearly three decades, new research ...Read more

Spending
Awareness of BNPL surges as consumers look for alternative credit
Consumer awareness of buy now, pay later services, including AfterPay and Zip, continues to grow as Aussies look for alternative ways to make purchases. ...Read more

Spending
Tap for Uber, share bike in world-first trial
The NSW government has announced that thousands of Sydney commuters will be able to pay for various modes of transportation through their Opal cards, receiving discounts in the process. ...Read more

Spending
‘Ultra-desirable’ Holden Torana up for auction
A piece of Holden motoring history is up for grabs this weekend, with nostalgic investors likely to spend upwards of $200,000 to secure the rare car. ...Read more

Is the market overheating; should ETFs take your fancy, and what’s happening to the low and middle income tax offset?
Listen now

Home values up 30% (or are they); NFTs taking the world by storm, and why Keating thinks Aussies will be ‘poor’ in retirement
Listen now

Raging floods, the tech stock bubble and the ongoing SG debate
Listen now

Meet the Manager with Trilogy’s Philip Ryan: RBA rates and property price growth
Listen now

Spending
Consumer spending set to boost economic recovery
Australia’s recovery from the COVID-19 downturn looks to be buoyed by a wave of consumer spending, as Aussies increase their spending habits post-lockdown restrictions, new studies have revealed. ...Read more

Spending
Trans-Tasman border open for the first time in nearly 400 days
Quarantine-free travel between Australia and New Zealand has restarted for the first time in over a year, with the Prime Minister pointing to a further expansion of the bubble. ...Read more

Spending
Google found to ‘partially’ mislead consumers
Google has “partially” misled consumers by collecting some data on Android and Pixel phones even after the customer ticked “No” or “Do not collect”, a court has found. ...Read more

Spending
Energy prices fall – how you can cash in on the $900m saving
Households are being urged to check the price they are paying for electricity after it was revealed that prices across the eastern seaboard have fallen significantly in the back half of 2020, official...Read more

Spending
Aussies choose to shop local in pandemic recovery
Australians are increasingly turning their attention to homegrown businesses and brands as they look to help the country recover from its first economic downturn in nearly three decades, new research ...Read more

Spending
Awareness of BNPL surges as consumers look for alternative credit
Consumer awareness of buy now, pay later services, including AfterPay and Zip, continues to grow as Aussies look for alternative ways to make purchases. ...Read more

Spending
Tap for Uber, share bike in world-first trial
The NSW government has announced that thousands of Sydney commuters will be able to pay for various modes of transportation through their Opal cards, receiving discounts in the process. ...Read more

Spending
‘Ultra-desirable’ Holden Torana up for auction
A piece of Holden motoring history is up for grabs this weekend, with nostalgic investors likely to spend upwards of $200,000 to secure the rare car. ...Read more