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Aust economic strength boosts confidence

AAP logoAAP 7/11/2016

The strength of the domestic economy is offsetting consumers' concerns about the global outlook, ANZ says.

The ANZ-Roy Morgan Consumer Confidence Index jumped up 3.2 per cent in the week ending November 6, building ground from the previous week's 0.4 per cent rise.

ANZ head of Australian economics Felicity Emmett said that despite the ongoing uncertainty surrounding the US presidential election and the subdued performance of global stock markets last week, the jump in consumer confidence had more than offset a decline over recent weeks.

"Although we would caution against over-interpreting this pick-up as weekly data have been particularly volatile of late, it appears that concerns over the global outlook have been largely offset by the ongoing solid performance of the domestic economy," Ms Emmett said in a statement on Tuesday.

Consumers' views towards the wider economy were the main driver of the overall rise in confidence.

Households' views on the economy over the next 12 months leapt 7.8 per cent, and their views towards economic conditions over the next five years jumped 5.2 per cent.

Respondents were three per cent more upbeat about their current finances compared those of a year ago, and were more optimistic about their finances in a year's time, with that measure rising by 1.7 per cent.

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