By all accounts, confidence in the Australian economy is higher than in April during the height of lockdowns. A Melbourne Institute and Westpac index saw a record jump in May and a solid jump in June.
“Remarkably, consumer confidence is now back around pre-COVID levels, having recovered all of the extreme 20% drop seen when the pandemic exploded in March-April,” Westpac chief economist Bill Evans told Reuters. “Confidence has clearly been buoyed by Australia’s continued success in bringing the coronavirus under control, which has in turn allowed for a further easing in social restrictions over the last month.”
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