Australia - Westpac Consumer Confidence Index for September +2.0% m/m (prior -4.4%)

Author: Eamonn Sheridan | Category: News

The weekly consumer confidence readings have been on the weaker side. 

In their preview to this release WPAC noted that the negatives likely to weigh on the result this month included: 
  • COVID infections rising
  • associated lockdown extensions in Australia's two largest population states of New South Wales and Victoria
  • hospital systems coming under significant strain in parts of Sydney
And, on the opposing side:
  • cases remain negligible across other states
  • the rollout of the vaccination program has accelerated, with supplies of Pfizer available.  
 For September, up 2% m/m to 106.2
  • August was 104.1
From WPAC's report:
  • The resilience of consumer sentiment in a period when Australia's two major cities have been locked down and the economy has been contracting is truly remarkable. The Index is still comfortably above the reads seen over the five years prior to the pandemic and is only 0.9% below its June print just prior to Sydney's move into lock-down
 


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