Australia data, the Westpac Consumer Confidence Index for April: +6.2% m/m to 118.8
prior +2.6% m/m to 111.8
This is a strong result for consumer confidence against a backdrop in the month of:
- 'mini-lockdown' in Brisbane (showing yet again that sudden virus-related disruptions are still a risk)
- the troubled, well behind target vaccine rollout in Australia
- a strong jobs report (again) in February
- the approach to the end of the government wage support JobKeeper scheme
118.8 is an 11 year high.
WPAC remarks (in very brief):
- This is an extraordinary result.
- The Index is now at its highest level since August 2010 when Australia's post-GFC rebound and mining boom were in full swing.
- The survey continues to signal that the consumer will be the key driver of above-trend growth in 2021.
- households appear to be resilient.
- The industry breakdown of consumer sentiment provides clues about some less obvious positives at work. Those employed in the 'recreational services' and hospitality industries showed very big sentiment gains (+23% and +14% respectively), suggesting the further easing in COVID restrictions - which has allowed many businesses in these sectors to return to near full operation - were a big positive factor.
