Queensland consumer sentiment on the rise

Published Wednesday, 10 August, 2016 at 11:30 AM

Minister for Police, Fire and Emergency Services and Minister for Corrective Services
The Honourable Bill Byrne

The latest Westpac-Melbourne Institute Consumer Sentiment Index shows Queensland in positive territory for the first time in more than two years on a trend basis with consumers more optimistic about the state’s growing economy. 

Acting Treasurer Bill Byrne said the index for August had increased by 3.8 per cent since July with the index rising above the neutral level for the first time since December 2013 to reach 102 points.

Queensland’s outcome was ahead of NSW (99.5) and SA (91.4) and slightly behind Victoria (104) and WA (103.9). The trend indicator exceeded 100 for the first time since December 2013 showing the confidence of Queensland consumers was undergoing a sustained increase.

Mr Byrne said the return of the consumer sentiment index into positive territory for the first time in more than two years showed that Queensland consumers were increasingly optimistic about the state’s growing economy.

“Today’s report also showed there was a further increase in the ‘time to buy a dwelling’ sub-index, up by 3.2 per cent,” he said.

“Once again this is a positive sign for the state’s building sector and follows our 2016-17 State Budget announcement to boost the Queensland First Home Owner’s Grant.

“This grant now gives first home buyers $20,000 to get into the market, which will certainly help convince many Queenslanders to buy sooner.

“We’re seeing strong interest in this initiative, which is a significant win for the building industry, stimulating demand for new dwellings which will help to support jobs throughout Queensland."

Today’s results come the day after the NAB monthly business survey showed that Queensland held equal position as nation leader for business confidence in July. 

“Queensland and New South Wales recorded equal highest trend business confidence, with +6 in July 2016, compared with the national average of +4 points,” Mr Byrne said. 

Consumer Sentiment Index, by state

 

NSW

VIC

QLD

SA

WA

 

Monthly % change

-1.3

4.9

3.8

-7.9

9.9

 

Index level

99.5

104.0

102.0

91.4

103.9

 

Note: All state CSIs are in original terms.

 

Source: Westpac-Melbourne Institute CSI. 

 

 

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