VIEW: Alongside the release of their......>

AUSTRALIA: VIEW: Alongside the release of their monthly Consumer Confidence

Index, which rose to 93.7 from 88.1 this month, Westpac note the following:

"Remarkably, consumer confidence is now back around pre-COVID levels, having

recovered all of the extreme 20% drop seen when the pandemic exploded in

March-April. Confidence has clearly been buoyed by Australia's continued success

in bringing the Coronavirus under control, which has in turn allowed for a

further easing in social restrictions over the last month. The Index is now only

2% below the average in the preceding September to February period. Note that

sentiment was already on the weak side prior to the COVID shock with the Index

through this earlier period showing a persistent excess of pessimists over

optimists. With the unemployment rate set to remain elevated; extensive

restrictions staying in place and the economy facing permanent structural change

it would be surprising if the recent upward momentum continues and is able to

sustain a stable level of confidence which is above that previous period."