Consumer confidence has hit a six-month high following last week’s federal budget, in the first sign that it might indeed prove to be “the right budget for the times”.
The ANZ-Roy Morgan consumer confidence survey put the overall rating at 114.6 on the weekend following the budget, up from 110.6 the previous weekend.
The last time consumer confidence was above 114 was in November 2014, before weak GDP growth figures kicked off the recent period of low consumer confidence.
The biggest change was in sentiment about the economy in general.
The weekend prior to the budget, many more consumers thought the 12 month economic outlook was bad rather than good. The rating was 37 to 27.
But after the budget, the difference disappeared, with a rating of 30 to 30.
If the uptick in consumer confidence continues, and coincides with an uptick in business confidence, then the positivity is likely to give the post-mining boom economy the kickstart it needs.