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Financial News: Australia Consumer Sentiment Steady In July - Westpac

Australia Consumer Sentiment Steady In July - Westpac

07/13/2021 - 20:45:00 (RTTNews)

(RTTNews) - Consumer confidence in Australia remains firm in July, the latest survey from Westpac Bank showed on Wednesday as its sentiment index gained 1.5 percent to a score of 108.8 - up from 107.2 in June.

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.

The modest sentiment increase in July follows a 9.8 percent fall in the Index over the previous two months (April to June). That fall centered on weakness in Victoria (down 16 percent) and Western Australia (down 18 percent) with both states experiencing intermittent lock-downs as their governments sought to contain a lift in COVID cases.

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