Wow, I did a double take on that number.
- Up 4% to 95.9 and a 3 year high.
- Up 13.6% y/y
Not getting overly carried away, the result is still under 100 and thus net pessimistic. Still, a huge jump.
The report cites:
- slowing inflation
- the first interest rate cut in over four years “has bolstered confidence that interest rates will continue to move lower” (WPAC comment)
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The Westpac Consumer Confidence Index is a monthly survey that measures Australian consumer sentiment based on respondents’ views on the economy, personal finances, and spending intentions.
Its conducted by Westpac and the Melbourne Institute, the index is a key gauge of household confidence and future consumer spending trends.
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Earlier consumer confidence data remained languishing: