Confidence on the up from tax cut talk

Consumer confidence data is released on Tuesday, pointing the way to future retail spending.

Consumer confidence struck a five-week high last week indicating future retail spending. Source: AAP

Consumer confidence struck a five-week high last week aided by the pre-federal budget chatter surrounding personal income tax cuts.

With the May 8 budget fast approaching such talk is building as a key component of Treasurer Scott Morrison's third budget.

Whether that will continue to buoy sentiment will be seen in the weekly ANZ-Roy Morgan consumer confidence index - a pointer to future retail spending - when it is released on Tuesday.

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