Australians are becoming more upbeat about the economy as worries about the federal budget fade and the sharemarket rallies.
The ANZ/Roy Morgan consumer confidence index rose 2.7 per cent last week, hitting its highest level in 12 weeks.
Expectations about the economic outlook had a 10 per cent bounce after being at subdued levels following the harsh federal budget in May.
ANZ chief economist Warren Hogan said the lift in consumer confidence combined with a rise in non-mining business investment were good signs for the economy.
"However, consumer confidence clearly remains fragile and we will continue to monitor confidence closely for an early-read on consumption into the fourth quarter of the year," he said.
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