Consumer sentiment in Victoria is now the strongest of all mainland states – bucking the national trend which saw Australia’s consumer sentiment drop four per cent in April.
The Westpac Melbourne Institute (WMI) Consumer Sentiment Index released today shows the increasingly optimistic outlook of Victorian consumers jumped more than 12 per cent during the past year.
At the same time, large falls in sentiment were felt across New South Wales (10.3 per cent), Western Australia (12.2 per cent) and South Australia (5.9 per cent).
Victoria is also experiencing good expansion in the building sector, with growth of building work done of 8.6 per cent from this time last year, driven by an 11.6 per cent increase in residential building activity.
Victoria’s yearly increase was above the national increase of 5.7 per cent.
Compared with this time last year, Victoria’s growth in total building work was the second highest of the mainland states.
Quotes attributable to Treasurer Tim Pallas
“What we are seeing here is Victoria’s strong performing economy and strong job creation instilling a sense of confidence in Victorian consumers.”
“The surge in the building sector is against the national trend and clearly reflects the momentum the Andrews Labor Government is generating to create a prosperous Victorian economy.”
Reviewed 19 August 2020