Consumer confidence has soared to its highest level in more than two years on the back of the Morrison government’s big spending federal budget.
Westpac’s closely watched measure of consumer sentiment jumped by 11.9 per cent in October, with optimists out-numbering pessimists for the first time since 2018.
The bank’s chief economist, Bill Evans, said the development was due to last week’s budget plus ongoing success across the country in containing the coronavirus outbreak.
“This is an extraordinary result. The index has now lifted by 32 per cent over the last two months to the highest level since July 2018,” he said.