Confidence may lift with house prices: ANZ

Consumer confidence has lifted, but it's too early to tell whether that can be sustained, ANZ's chief economist says.

Cheap petrol didn't do it, lower interest rates didn't work either and now it's hoped that a resurgence in house prices will lift consumer confidence.

Confidence rose 1.5 per cent last week, according to the ANZ/Roy Morgan consumer confidence survey on Tuesday, but it's still too early to tell if the lift will be sustainable, given lower interest rates and petrol prices had failed to provide a boost, ANZ chief economist Warren Hogan said.

"The key question remains whether renewed momentum in asset values can support a sustained lift in confidence over the coming year without an improvement in the labour market and wages growth," he said.