Consumer and business confidence bounce back to pre-pandemic levels
The opportunity to travel to New Zealand appears to have lifted the mood of Australians, restoring partial normality after tough restrictions imposed during the COVID-19 pandemic.
The weekly ANZ-Roy Morgan consumer confidence index has jumped 5.9 per cent, reaching its highest level since September 2019 - before the pandemic began - and sprinting past its long-run average.
The joint report also notes that ‘current financial conditions’ and ‘future financial conditions’ rose 4.8%.
Business conditions are also at a record-high, gaining 8 points to reach +25 points.
Business confidence remaining at a decade-high, despite easing a little bit.
Head of Australian economics David Plank said:
"The receding of the Brisbane lockdown and announcement of the trans-Tasman travel bubble has seen confidence jump sharply.
"The jump has occurred despite the delay in the COVID-19 vaccine rollout."
Prime Minister Scott Morrison and his New Zealand counterpart Jacinta Arden both confirmed quarantine-free two-way travel with NZ last week, the first sanctioned quarantine-free international travel since the pandemic.
The confidence survey, conducted at the weekend, would have captured sentiment since last week's decision by the nation's health authorities recommending the AstraZeneca vaccine not be given to people aged under 50.