Consumer confidence rebounded last week largely due to continued strength in the housing market and optimism about the upcoming federal budget.

Confidence rose 2.8 per cent in the week ending April 26, making up most of the ground lost by falls during the previous three weeks, ANZ/Roy Morgan’s consumer confidence barometer found.

Despite the pick up last week, the survey indicated confidence remained below average and was trending down, ANZ chief economist Warren Hogan said on Tuesday.

“A good jobs report for March, continued strength in housing markets and the government’s positioning of the upcoming budget appear to have helped support confidence in the past week,” he said.