The latest ANZ/Roy Morgan Consumer Confidence Index has reported a 1.2 per cent increase in sentiment towards current financial conditions. This is the highest since February.
The index also recorded a 0.8 per cent rise in sentiment towards future financial conditions.
“Consumers are upbeat about both their personal outlook and the economy in general,” said ANZ Research’s head of economics, David Plank.
“The prospect of lower interest rates and what appears to be a major sentiment shift on the housing market are likely drivers of the positive outlook,” said Mr Plank.
The Reserve Bank is widely tipped to imminently lower cash rates as early as next week.
Further, leading economists have revised their forecasts for property markets in light of the federal election, believing a Coalition victory will bring forward the bottom of the price falls to as early as the September quarter.