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Confidence surveyed as parliament returns

AAP logoAAP 29/08/2016 Colin Brinsden, AAP Economics Correspondent

Consumer confidence is running at a three-year high as the nation's politicians prepare for a federal parliament that hasn't sat for four months.

Tuesday's parliamentary session will be largely ceremonial as Governor-General Sir Peter Cosgrove formally opens proceedings, while in contrast, Wednesday and Thursday will see a slew of bills introduced or, as it has become tarred, the prime minister's 25-point battle plan.

Amid the pomp and ceremony, the weekly ANZ-Roy Morgan consumer confidence will be released on Tuesday.

Last week, confidence jumped 3.6 per cent - amounting to more than six per cent in two weeks - to be at its highest level since November 2013 - supported by rising employment and a dip in unemployment.

Since then, economic figures have not been so upbeat with engineering construction slumping nine per cent in the June quarter and 25 per cent in the past year as the mining investment boom continues to unwind.

JP Morgan chief economist Sally Auld believes this and other recent data suggest the robust growth in the March quarter was not sustained through the June quarter.

Other key figures going into the June quarter national accounts - which are due on September 7 - include Thursday's capital expenditure numbers.

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