Consumer sentiment, as measured by the Westpac-Melbourne Institute index, rose 5.3% to 94.6 points in November.

The highest reading since May 2022 reflected strong improvements in family finances +6.8 YOY, while expectations for the year ahead rose 4.4%.      

The economic outlook for the coming year jumped 8.7%, and confidence in the five-year economic outlook rose  6.5%. Matthew Hassan, Senior Economist at Westpac, commented, “Consumers are feeling less pressure on their family finances, no longer worried about further interest rate rises, and are increasingly confident in the economic outlook.”.