5 hours Ago
Consumer confidence has hit its best level in three years as the number of pessimists and optimists almost matched. The ANZ-Roy Morgan survey showed a nine-point rise in November to 99.8, fractionally pessimistic.
However, the latest survey showed fewer consumers reported being worse off financially than a year ago, and more were upbeat about their current and future outlook. ANZ chief economist Sharon Zollner said conditions were looking up. "Both firms and households are reporting in aggregate that things are already a little bit less bad here and now.
"Potential drivers include interest rate relief, a turn higher in the housing market, and easing inflation - though households are going to take some convincing on that front, with inflation expectations at 4 percent." A net 12 percent of respondents said they were worse off financially than a year ago, a drop of 10 points from October, with a net 22 percent expecting to better off next year, an eight-point rise. Pessimism about the near term economic outlook fell, and optimism about longer term prospects improved.
Respondents remained less inclined to buy a big ticket item. Zollner said Wellington was the most pessimistic region in the survey as public sector job losses weighed, and also had lower expectations of rises in house prices. "It's still very tough out there for many .
.. but the dial is starting to shift.
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