Australian consumer confidence spiked in May, the latest survey from Westpac Bank and the Melbourne Institute revealed on Wednesday – climbing 6.4 percent to a score of 102.4.
That follows the 3.2 percent decline to 96.2 in April – and it also marks the first time since February that the index has been above 100, which means that optimists outnumber pessimists.
“It is the highest level of the Index since January last year,” said Bill Evans, Westpac’s chief economist. “Clearly, the two driving forces behind this boost have been the Federal Budget and the interest rate cut.”
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