Return of consumer confidence in Australia

“The return of consumer confidence, high household savings, and a decline in the number of people on JobSeeker are among the green shoots emerging in Australia’s economic data, indicating the nation is ‘past the low point’ in economic activity”

In line with our most recent summarised article ‘Australia standout performer from IMF’s bleak pandemic picture’ where the IMF upgraded Australia’s economic outlook reducing the predicted contraction of the economy from 6.7% in April down to 4.5% decline. The CBA economists are even more optimistic than the IMF revising their GDP profile to a contraction of 3.2 per cent in 2020, from 4.2 per cent previously, and an increase of GDP of 2 per cent in 2021.

This is a brief summary of the article ‘Australia ‘past the low point’ in economic activity, according to CBA report’ by Meilin Chew | The West Australian | Thursday 25^th June.