Consumers more upbeat since PM change
W&D senses a mood change is in the air: Australian consumers are feeling upbeat again.
The Westpac-Melbourne Institute Index of consumer confidence rose for a second straight month, this time taking the measure into optimistic territory. The index rose 3.9% in November, following a 4.2% gain last month, pushing the index to 101.7 — its first time above the 100 threshold since the Hockey-budget-bounce in May.
Since March 2014, the index has only registered above 100 on three occasions.
The Index is now 8.3% higher than in September, immediately preceding the change of leadership in the government. Not that W&D is suggesting that Napoleon Turnbull's ousting of the somnolent Abbott is the cause of the mood change...
It remains to be seen how the Index reacts when the government actually makes some tough fiscal decisions.