Westpac noted the following alongside.....>

AUSTRALIA: Westpac noted the following alongside the release of their monthly

consumer conf. survey: "This represents an impressive recovery. Consumers are

clearly heartened by Australia's success in containing the Coronavirus which has

justified the easing of some of the social restrictions that have been so

painful for individuals and the economy over the last two months. The May

turnaround marks the biggest monthly gain in the Index since the survey began

nearly fifty years ago... That has gone a long way towards reversing the record

monthly fall we saw last month. The Index is still relatively weak by historical

standards... It is also important to note that the component of the Index that

captures the longer term view is around 50% higher than we saw in the recession

years of 1989 -1991. Consumers can understand and envisage the recovery whereas

in recessions the feeling of hopelessness takes over. Developments around the

Coronavirus have been positive... Australia has seen particularly good outcomes

with the total number of confirmed cases rising just 10% over the month, and

showing signs of levelling out altogether. The resulting pressure on our health

system is much milder than feared two months ago."