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Consumers upbeat about growth prospects


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onsumer confidence has bounced on the back of a more positive outlook about the economy.

The ANZ-Roy Morgan consumer confidence index jumped 3.1 per cent in the week ending March 6, climbing back above its long-term average and reversing a fall of 2.6 per cent the previous week.

The four week moving average was also trending higher at 113.5.

ANZ chief economist Warren Hogan says last week's news about strong economic growth, equity market gains and the strong Australian dollar have been positive for confidence.

People's views about the economy over the next 12 months leapt 11.6 per cent, while their outlook on the next five years rose by 8.3 per cent, reversing the fall of the previous week.

"The good news is that the pulse of confidence appears to be at or a little above long-run average levels," Mr Hogan said.

"Australians can, in general, be described as being confident about the economy despite some ongoing worries about the long-term."

Consumer's confidence in their personal financial situation fell by less than 1.0 per cent, but remained on a upward trend.

Mr Hogan said it appeared that 2016 would shape up as a solid year of economic growth, however slightly slower than last year.

"The strong bounce in commodity and equity markets in the past few weeks augers well and should support business confidence and hiring intentions," he said.

"The extent to which this translates into employment growth will be central to the performance of the economy this year."

The Reserve Bank of Australia's has said its last two statements it would monitor the labour market in when last two statements about the cash rate.

 

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