ANZ-Roy Morgan Consumer Confidence has continued to edge up modestly, rising 1.0% to 103.2 in the week ending 15 June

ANZ-Roy Morgan Consumer Confidence has continued to edge up modestly, rising 1.0% to 103.2 in the week ending 15 June. While confidence remains 11% lower than at the end of April when negative news flow related to the Budget began, the modest increase over the past three weeks of around 4% is a tentative, encouraging sign that Confidence is beginning to recover. The pace of recovery and the level that Confidence eventually settles at will be important factors in determining the likely impact on consumer spending. The key for confidence is whether big declines witnessed around the release of the Budget will prove transitory. The bounce in the past three weeks has not been large enough to make us comfortable that this will be the case. We would expect to see confidence recover another 3-5% over the next few months to be confident the non-mining recovery remains on track: (VIEW LINK)