Australia Westpac Consumer Sentiment surged 18% to 94.8 in September, up from 79.5. The index is now just -1.6% below the average over the six months prior to the emergence of COVID-19 in March. “Consumer confidence is returning to more normal levels, although the sensitivity to progress in managing the virus and the opening up of economies remains key to the outlook”
RBA will next meet on October 6, the same say as the government’s Federal Budget announcement. Westpac said “it is reasonable to expect further initiatives from the Reserve Bank to loosen monetary policy”. That approach will be “entirely appropriate” to complement the stimulatory budget.
