Weekend Economist: Confidence spike short-lived

While confidence has improved, listless levels of consumer spending suggest households remain concerned about rising unemployment.

Last week we saw considerable evidence of boosts to confidence as a result of the Coalition's election victory. The Westpac Melbourne Institute Index of Consumer Sentiment increased by 4.7 per cent in September from 105.7 in August to 110.6 in September. It is the highest print for the Index since December 2010. The Index has now increased by a respectable 13.8 per cent since the Reserve Bank began cutting rates and it is now 9.9 per cent above its average over the period since that first rate cut.

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