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Westpac noted the following alongside.....>

AUSTRALIA
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."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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