Consumer confidence in Australia improved in February, the latest survey from Westpac Bank and the Melbourne Institute revealed on Wednesday as their sentiment index rose 1.9 percent to a reading of 109.1.
That follows the 4.5 percent drop in January to 107.0.
The management of the pandemic locally has had a constructive effect on confidence. The success of contact tracing and light-handed lockdowns has been important in containing a worrying cluster of cases since the last survey in January.
The Reserve Bank's surprise extension of its Quantitative Easing program signals ongoing commitment from the monetary authorities to supporting the Australian economy. Consistent positive news on the recovery of the job market would also have boosted confidence.
Nationally, confidence has clearly lifted substantially above pre-pandemic levels. The overall Index is now 14.2 percent above its pre-pandemic level in February 2020.
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