Confidence to gauge mood after growth lift

Politicians and economists have had plenty to say about last week’s national accounts, which confirmed the economy has emerged from recession.

Those figures showed the economy grew by 3.3 per cent in the September quarter, the biggest increase since 1976, recovering from a record seven per cent contraction three months earlier.

Data since has also shown exports rebounding, home loans at record levels, construction activity at a two-year high, solid retail spending and a marked rebound in job advertising.

Confidence readings due on Tuesday will gauge what consumers and businesses make of it all.

Confidence is seen as critical to the economic outlook in terms of household spending, business investment and employment.

The weekly ANZ-Roy Morgan consumer confidence index is released and has already risen 12 times in the past 13 weeks to its highest level since late February, pointing to an upbeat Christmas spend-up for retailers.

The National Australia Bank will also issue its monthly business survey for November.

Business confidence surged to its highest level since mid-2019 in October, although business conditions showed only a marginal improvement.

The Australian Bureau of Statistics will issue its residential property price indexes for the September quarter on Tuesday.

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