Australia’s consumer sentiment strengthened in November driven by the significant unwinding of restrictions across Victoria and the reopening of the Victoria-NSW border, survey results from Westpac showed Wednesday.
The Westpac-Melbourne Institute Index of Consumer Sentiment rose 2.5 percent to 107.7 in November from 105.0 in the previous month.
The indicator was 13 percent above the average over the six months prior to the economy wide shut-down in March and has reached its highest level since November 2013.
Given the high degree of uncertainty this Christmas, and the headwinds from the high unemployment rate it is a very encouraging sign that Australians are planning for a ‘normal’ Christmas, Westpac said.
The components of the index showed mixed results in November. The ‘family finances, last 12 months’ sub-index was down 3.2 percent, while the ‘family finances, next 12 months’ sub-index gained 0.2 percent.
The ‘economy, next 12 months’ sub-indicator surged 8.4 percent although the ‘economy, next 5 years’ sub-index grew only 0.5 percent.
There was a 6.7 percent increase in the ‘time to buy a major item’ sub-index and reached its highest level since August last year.
Further, there was a 6.2 percent increase in the employment index indicating deterioration in labor market conditions. The ‘time to buy a dwelling’ indicator advanced 8 percent from last month.
The material has been provided by InstaForex Company – www.instaforex.com
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