Australian consumer confidence lifts with new PM in charge

Sydney, Sep 22 (IANS) A change in prime minister has helped boost Australian consumer confidence, a survey said on Tuesday.

The ANZ/Roy Morgan weekly consumer confidence index rose 8.7 percent in the week Malcolm Turnbull became prime minister after three weeks of falls in the index, Xinhua news agency reported.

The change in prime minister was likely the reason for the lift in confidence, ANZ chief economist Warren Hogan said in a statement.

“The sharp jump in consumer confidence is a clear vote of confidence in the new Prime Minister Malcolm Turnbull,” he said.

But the new prime minister would need to deliver on the economy to maintain the confidence, Hogan said.

“The challenge for the prime minister is to effectively communicate that changes to the way the economy operates are in the community’s interest and necessary to raise incomes, create high-value jobs, and sustain investment,” he said.

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