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Forget vaccines House prices cure COVID!

MacroBusiness Access Subscriber Only Content That’s the message from today’s Westpac consumer sentiment release: • The Westpac-Melbourne Institute Index of Consumer Sentiment rose by 1.5% to 108.8 in July from 107.2 in June. The survey was conducted over the week of July 5–9, during the lock-down in Sydney and restrictions in regional NSW but before the tightening of restrictions announced on July 9. Confidence has held up overall despite a sharp fall in NSW as other states – notably Victoria and Western Australia – recorded strong bounce-backs from COVID-related disruptions in June. The main takeaway is that concerns around the current virus outbreak and associated restrictions in NSW are not spilling over to the rest of the country. This contrasts with Victoria’s ‘second wave’ outbreak in August last year which weighed heavily on sentiment across the rest of the country.

Victoria s 4th lockdown rattles consumer confidence: Westpac

Budget bursts consumer sentiment bubble

MacroBusiness Access Subscriber Only Content Bill Evans with the bad news for ScoMo: • The Westpac-Melbourne Institute Index of Consumer Sentiment fell 4.8% to 113.1 in May from 118.8 in April. There are 1944 words left in this subscriber-only article. While a 4.8% fall is always going to attract attention we should put this result in perspective. It is still the second highest print for the Index since April 2010 and does follow an 11% rise in the Index over the previous three months. The fall may also represent some disappointment in the Federal Budget as a very generous Budget was still unable to exceed the exuberant expectations of the community.

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