GDP, falling petrol prices lift confidence

Consumer confidence has risen 5.6 per cent to 123 points, likely due to strong first-quarter economic growth figures and a fall in petrol prices.

Strong first-quarter economic growth figures and a fall in petrol prices appear to be behind a spike in consumer confidence.

The weekly ANZ-Roy Morgan Australian Consumer Confidence index rose 5.6 per cent to 123 points in the week to June 10, with broad-based gains sending confidence to its highest point since mid-January.

The jump in confidence likely reflected stronger-than-expected first quarter economic growth result and a fall in petrol prices, trumping concerns about house price weakness and rising global trade tensions, ANZ senior economist Joanne Masters said.