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Poor GDP a potential knock to confidence

AAP logoAAP 12/12/2016

New figures will gauge how Australians reacted to the worst growth figures since the 2008-2009 global financial crisis and whether retailers can still expect a steady stream of customers heading into Christmas.

Tuesday will see the latest weekly ANZ-Roy Morgan consumer confidence index, the first to respond to last week's poor national accounts figures.

The accounts showed the economy contracted by 0.5 per cent in the September quarter, although economists at this stage are reasonably confident a second consecutive negative result can be avoided, which will indicate Australia has not sunk into a technical recession.

Last week the confidence index rose by a solid 2.8 per cent to a 10-week high.

Consumer confidence is a key pointer to future retail spending.

National Australia Bank will also release its slightly more dated business survey for November.

However, it will take into account the business community's response to Donald Trump's surprise US presidential election win last month.

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