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Australian consumer sentiment surged in November, signaling renewed optimism about the nation’s economic outlook and household finances. According to the latest Westpac-Melbourne Institute survey, the consumer sentiment index jumped 12.8% in early November — its strongest gain in years and the first positive reading since early 2022. Analysts noted that, excluding the COVID-19 period, this marks the highest level of consumer confidence seen in seven years.
The sharp improvement reflects growing confidence in Australia’s economic stability over the next five years, driven by stronger consumer demand and a rebound in the housing market. A key factor supporting sentiment was the easing of U.S.-China trade tensions, which helped boost global trade confidence. New trade agreements between Australia and the United States further strengthened the outlook for exports and investment, adding to the positive momentum.
Despite the Reserve Bank of Australia’s (RBA) decision to keep interest rates steady in November, consumer optimism remained largely unaffected. Westpac economists observed that the RBA’s neutral tone on inflation tempered concerns about further rate hikes, allowing consumer confidence to recover more quickly than expected. The survey also suggests that the RBA is likely to maintain its current rate settings in December as inflation pressures remain elevated.
While Australians are increasingly optimistic about future economic growth and job prospects, sentiment toward home buying remains subdued. However, expectations for house price growth remain high, reflecting sustained demand in key property markets.
The November rebound in consumer sentiment underscores renewed faith in Australia’s economic resilience and suggests households are feeling more secure about their financial futures — a positive sign for spending and overall growth heading into 2025.
