Treasurer Scott Morrison insists the nation's confidence has risen in the past year because the Turnbull government is delivering on its economic plan.
However, such optimism has not carried into opinion polls, which are far from glowing for Malcolm Turnbull as he approaches his first anniversary as prime minister.
The latest Newspoll showed the Turnbull government tied at 50 per cent with Labor, but the prime minister's own approval rating lower than Opposition Leader Bill Shorten's.
But it comes as new figures showed consumer confidence jumping 3.3 per cent in the past week, buoyed by strong economic growth figures showing the annual rate at a four-year high and 25 years without a recession.
The four-week average of the ANZ-Roy Morgan consumer confidence index stands at its highest level since late 2013.
"Australian households remain optimistic about their finances and more confident about the economy, especially in the near term," ANZ head of Australian economics Felicity Emmett says.
At the same time, the National Australia Bank's business survey for August found confidence rising slightly to its long-run average as last month's 25 basis point cut by the Reserve Bank helped ongoing resilience to "challenging headwinds".
"In the last year, we have seen a rise in consumer confidence and a rise in business confidence because this government has a plan for jobs and growth and is delivering jobs and growth," Mr Morrison told parliament.
However, there was a common theme of concern in both surveys over weak household spending and recent negative movements in the retail and wholesale sectors, despite last week's growth results.
NAB predicts there will be two more 25 basis-point cuts by the Reserve Bank by mid-2017.
Giving his own resume of achievements during the past year, Mr Turnbull has pointed to a strong annual economic growth rate of 3.3 per cent and an unemployment figure that has fallen from 6.3 per cent to 5.7 per cent in the past 12 months.
Addressing a Bloomberg breakfast, Reserve Bank assistant governor Christopher Kent agrees growth has been a bit stronger and the unemployment rate a little lower than earlier forecast.
Mr Kent says the adjustment to the decline in mining investment and the nation's terms of trade has proceeded "relatively smoothly".
"More than three-quarters of the anticipated decline in mining investment is now behind us," he said.
