Consumer confidence stage full recovery

Consumer confidence has bounced back to its pre-coronavirus pandemic levels in June, with the easing of restrictions giving people something to be optimistic about.

The Westpac Consumer Sentiment index rose 6.3 per cent to 102.1 in May – taking the index back above 100, meaning there were more optimists than pessimists about the economy, among the 1200 people surveyed in the first week of June.

Westpac Chief Economist, Bill Evans says that after a 16.4 per cent rebound in May the index has recovered all of the 20 per cent fall when the pandemic exploded in March and April. 

“Confidence has clearly been buoyed by Australia’s continued success in bringing the coronavirus under control, which has in turn allowed for a further easing in social restrictions,” he said.

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