Australian consumer confidence rises on improved economic outlook

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Australians are feeling more upbeat about the economy, with consumer confidence jumping 12.8% in November to 103.8 points, according to the latest Westpac survey.

It’s the first time optimism has outweighed pessimism since February 2022 — ending nearly four years of subdued sentiment.

Westpac’s Matthew Hassan said the lift reflects stronger signs of economic recovery, driven by improving consumer demand and housing activity. He noted the rise came despite lingering concerns about inflation and interest rates.

The Reserve Bank of Australia kept rates on hold at 3.6% last week, signaling no immediate plans for more cuts after three earlier reductions this year.

Households are feeling more secure financially, with the “family finances – next 12 months” index rising 12.3% to 109.1. However, those with mortgages remained slightly less optimistic.

Despite the upbeat outlook, job worries increased. The Unemployment Expectations Index climbed 9.3% to 139.5, showing more Australians expect unemployment to rise in the coming year.

Meanwhile, a NAB business survey showed business confidence dipped in October, even as sales, profits, and employment continued to improve — a sign the economy is stabilizing but still facing mixed conditions.

Credit : Bloomberg

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