Australia’s consumer confidence rebounded to around pre-Covid levels in June driven by continued success in bringing the [coronavirus][1] under control, survey data from Westpac showed on Wednesday.
The Westpac-Melbourne Institute Index of Consumer Sentiment advanced to 93.7 in June from 88.1 in May.
Westpac said with the unemployment rate set to remain elevated, extensive restrictions staying in place and the [economy][2] facing permanent structural change, it would be surprising if the recent upward momentum continues and is able to sustain a stable level of confidence which is above that previous period.
All component indexes recorded gains in June but the largest improvements were around views on the economic outlook and ‘time to buy a major item’.
While the monthly gains were impressive, the indicator was relatively weak by historical standards as it remained in pessimistic territory overall and down 7 percent from a year ago.
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