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Consumer confidence has reached its highest level since January 2011, according to the latest Roy Morgan research.
The Roy Morgan Consumer Confidence Rating has risen to 124.2, up 4.4 points in a week since the last poll.
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Gary Morgan, executive chairman of Roy Morgan Research, attributed the increase in confidence to the new government and increased political stability after September’s federal election.
“Consumer confidence has jumped 4.4 points to 124.2 this week – the highest consumer confidence has been since January 2011 following Prime Minister Tony Abbott’s overseas trip, during which he was well received in Indonesia, Malaysia and by the Chinese leadership," he said.
"However, consumer confidence is just 0.1 points higher than three weeks ago after the new Abbott government was sworn in,” he added.
According to the Roy Morgan research, 42 per cent of Australians expect the Australian economy to have ‘good times’ over the next five years, up five per cent from the previous survey.
The poll also showed 17 per cent now expect ‘bad times’ for the Australian economy, a drop of two per cent.
In the more immediate future, 37 per cent of Australians expect ‘good times’ economically over the next 12 months compared to 24 per cent who are expecting ‘bad times’ for the Australian economy.
Mr Morgan said the US government shutdown may be hindering some short-term confidence as people wait to see how it all plays out.
“A successful resolution to the political stalemate in the US should provide a further boost to confidence in Australia as we head towards the important Christmas retailing season,” he said.
