Australia’s consumer confidence reached its highest level in a decade in November after the relaxation of Covid-19 control measures, survey data from Westpac showed Wednesday.
The Westpac-Melbourne Institute Index of Consumer Sentiment climbed 4.1 percent to 112 in December from 107.7 in November. This was the highest reading since October 2010.
The ‘economy, next 12 months’ sub-index rose 9.9 percent to 111.9, the highest in ten years. Similarly, the ‘economy, next five years’ sub-index advanced 5.9 percent to 121.1, the strongest reading since December 2009.
Views around family finances showed mixed moves in the month. The ‘finances vs a year ago’ sub-index gained 6.9 percent to 96.1, but remained below 100. However, the ‘finances, next 12 months’ sub-index fell 1.8 percent to 108.9.
The ‘time to buy a major household item’ sub-index advanced 0.7 percent to be up 5.9 percent on this time last year.
The survey showed that the Westpac-Melbourne Institute Unemployment Expectations Index dropped 16.2 percent to 106.3 implying a major easing in job loss concerns.
The ‘time to buy a dwelling’ index moved off last month’s seven year high, declining 5.9 percent to 124.2 in November.
The Reserve Bank Board next meets on February 2. While the policy is almost certain to remain unchanged at the meeting, the bank is set to lower its unemployment forecasts and raise growth forecasts, Bill Evans, chief economist at Westpac said.
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