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Consumer sentiment has rocketed this month off the back of news last week that the economy has avoided a recession.
The Westpac-Melbourne Institute Index of Consumer Sentiment recorded its largest increase in 22 years in June, rising by 12.7 per cent to 100.1.
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Bill Evans, Westpac chief economist, described the result as “truly remarkable” but warned the positive reaction was probably premature.
“The March quarter national accounts still portrayed a very weak economy,” he said.
Furthermore, Mr Evans said an extraordinary reduction in imports had contributed 2.2 per cent to the positive GDP growth, a trend he expects to partially reverse in the two quarters ahead.
