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Australia's Consumer Confidence Improves

Australia's consumer confidence strengthened during the week ended February 4, a weekly survey compiled by the ANZ bank and Roy Morgan Research showed Tuesday.

The consumer confidence index rose to 122.7 from 120.9 in the preceding week.

The improvement in confidence was driven by increased optimism around current financial and economic conditions.

"The elevated level of consumer confidence along with the rebound in retail sales in the fourth quarter should assuage some of the RBA's concern about the outlook for the first half of 2018 at least," ANZ's head of Australian Economics, David Plank, commented.

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