Consumer confidence has hit a two-year high, jumping up by a further four percent in August.
The Westpac-Melbourne Institute Consumer Sentiment Index hit 113.4 in August (seasonally adjusted), up nearly 28 percent since May.
This comes off the back of an increase in business confidence, with latest National Australia Bank monthly business survey revealing business confidence also hit a two-year high in August.
Westpac senior economist Matthew Hassan said the message is clear, “as far as consumers are concerned, the worst of the current downturn appears to have passed.”
Key factors factors driving confidence include official figures showing that house prices rose 4.2 percent in the three months to June, and July’s unemployment numbers coming to standstill at 5.8 percent.
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