Australia Westpac consumer sentiment rose 6.2% to 118.8 in April, up from 111.8. it’s the highest level since August 2010, “when the Australia’s post-GFC rebound and mining boom were in full swing”. The survey continues to signal that “consumer will be the key driver of above-trend growth in 2021”.
Westpac expects RBA to maintain currency policy settings on May 4. Markets will focus on the new economic projections to be released with the SoMP on May 7. Overall, the forecasts would be consistent with the policy guidance that, “it will still be some time – 2024 at the earliest – before the Bank expects to achieve its full employment and inflation targets.”
