Australian consumer confidence surges
Thursday, 9 April 2009
SYDNEY, Apr 8 (AFP): Australian consumer confidence surged in April as billions of dollars in government stimulus measures gained traction, a survey said today.
The Westpac-Melbourne Institute consumer sentiment index was 92.7 points in April, up 8.3 per cent month-on-month and a 6.1 per cent increase from a year ago.
"This is a surprisingly strong result," said Westpac chief economist Bill Evans. "A further positive response to the fiscal stimulus package is likely to be buoying consumers."
One-off cash payments of up to 900 dollars (640 US) began rolling out this week to more than seven million Australian taxpayers as part of the centre-left Labor government's 42 billion dollar bid to kick-start spending.
Evans said anticipation of the cash was likely to be a key factor behind the surge in consumer expectations, which was supported by a boom in global share markets and the Australian dollar, and falling petrol prices.
The Westpac-Melbourne Institute consumer sentiment index was 92.7 points in April, up 8.3 per cent month-on-month and a 6.1 per cent increase from a year ago.
"This is a surprisingly strong result," said Westpac chief economist Bill Evans. "A further positive response to the fiscal stimulus package is likely to be buoying consumers."
One-off cash payments of up to 900 dollars (640 US) began rolling out this week to more than seven million Australian taxpayers as part of the centre-left Labor government's 42 billion dollar bid to kick-start spending.
Evans said anticipation of the cash was likely to be a key factor behind the surge in consumer expectations, which was supported by a boom in global share markets and the Australian dollar, and falling petrol prices.