Consumers' view of their financial position compared with a year ago has hit a record high, helping to push up their confidence.
The ANZ-Roy Morgan consumer confidence index rose 0.4 per cent to 112.9 points in the week to August 2, following a 0.6 per cent lift the previous week.
But levels remain muted and are down 1.8 per cent, on a year-on-year basis, according to the survey.
The weekly rise was boosted by respondents' view of their personal finances compared to a year ago, with the reading hitting its highest level since the series began in October 2008.
ANZ chief economist Warren Hogan said confidence had been stable in the week but was still below the levels of early July, just before Greece's debt crisis escalated and China's stock market turbulence.
"Three weeks ago consumers' views on the long-term economic outlook sank to the lowest level since the weekly survey began in 2008, but have recovered somewhat since," he said.
Essentially, Australian consumers were happier with their financial position but were very worried about the outlook, he said.
"High debt levels across the household sector, the weakest income growth since the 1960s, a flat labour market, and concerns over retirement incomes are all apparently at work here."
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