Sydney, Australia (4E) – Confidence of Australian consumers climbed at a faster pace in August, according to the survey results from Westpac and the Melbourne Institute released Wednesday.
The consumer sentiment index jumped by 3.8 percent on month to 98.5 in August from 94.9, below the 100 reading that indicates no change. The Westpac /Melbourne Institute index climbed 1.9 percent In July.
The subindex for household financial expectations climbed 11.9 percent. Meanwhile, employment expectations rose in August but stayed below the peak level set in March.
Westpac chief economist Bill Evans said that over the last three months saw the index rise by a total of 5.9 percent, which suggests that confidence has been restored in the aftermath of the budget.
The gauge dropped 6.8 percent in August on a year-over-year basis.