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Australian consumer confidence surges

Xinhua, May 20, 2015 Adjust font size:

Australian consumers are at their most optimistic in months, with consumer confidence at its highest level since February.

It follows positive reaction to this month's budget and the Reserve Bank's latest interest rate cut.

The Westpac/Melbourne Institute index showed consumer sentiment rose by 6.4 percent in May to 102.4 points, above 100 points for the first time since February, indicating there are more optimists about the economy than pessimists.

Westpac chief economist Bill Evans said the budget was the main factor.

"For example, the confidence of those respondents who hold a mortgage increased by a solid 4.8 percent, although that rise was somewhat less than the overall lift for all respondents of 6.4 percent," he said.

May's surge in consumer optimism puts the index at the highest level since January 2014, Westpac said.

"The boost to confidence was apparent in all major states except Western Australia where confidence actually fell by a concerning 7.7 percent," Evans said. Endi