Australian consumer confidence surges

by | Oct 21, 2020 | Australia, News

The Westpac-Melbourne Institute Index of Consumer Sentiment rose to 105 in October, up from 93.8 in September, now hovering 10% above the average level in the six months prior to the pandemic. Consumers haven’t been this confident since January 2018. The lift in the index is attributed to the release of the October Federal Budget, the expectation that the Reserve Bank Board will cut interest rates at its next meeting and the country’s success in containing the COVID-19 outbreak.

Confidence lifted across states, surging by 17.5% in NSW as the state has remained ‘open’. Confidence in Victoria also lifted 13.7% despite being in lockdown.