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Consumers to deliver verdict on budget

Australians were fairly upbeat heading into last week’s federal budget and new data will indicate whether it actually hit the mark.

The weekly ANZ-Roy Morgan consumer confidence index – a pointer to future household spending – will be released on Tuesday.

Confidence had risen for five straight weeks on the prospect of Treasurer Josh Frydenberg delivering personal income tax cuts in his second budget to aid the recovery out of recession.

The budget brought forward tax cuts planned for 2022 and backdated them to July, and was quickly passed by the parliament by the end of last week.

Still, the confidence index was still just below 100 points last week, indicating there are still more pessimists than optimists.

The latest Newpoll released on Sunday found just over two out of five respondents thought the budget would be good for the economy compared with one in five who predicted it would be bad.

Just over a quarter thought they would be better off financially, while a slightly smaller number predicted they would be worse off, with just over half uncommitted.

The monthly Westpac-Melbourne Institute consumer sentiment survey will be released on Wednesday.

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