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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.
Bill Evans, Westpac chief economist, described the result as “truly remarkable” but warned the positive reaction was probably premature.
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“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.
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