Consumer confidence has continued to remain resilient in the wake of the 1.9% fall it suffered last week.
Confidence rose 0.9% to 118.1 on the index in the week ending 29 January. The bounce back has been attributed to the rise in confidence surrounding current financial and economic conditions.
ANZ senior economist Felicty Emmet said the rise in consumer confidence was encouraging, considering the current global political climate.
"The resilience of consumer confidence amidst global political uncertainty is encouraging. In particular, sentiment around current financial and economic conditions has improved significantly since the sharp drop in the wake of the weak Q3 GDP report."
Household views on whether ‘now is a good time to buy a household item’ went down by 0.4%, however this still remains high by recent standards.
"Importantly, households’ views of overall financial conditions as well as the ‘time to buy a household item’ index remain above their long term trends, suggesting a positive outlook for consumer spending," Emmett said.