Australian Consumer Confidence Surges in May

Australian Consumer Confidence Surges in May
Exit signage is seen outside the Bunnings O'Connor store due to new government social distancing measures on March 28, 2020 in Perth, Australia. Photo by Paul Kane/Getty Images
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Australian Consumer confidence has surged in May, making its biggest monthly gain since the Westpac-Melbourne Institute Index of Consumer Sentiment began nearly 50 years ago.

The telephonic survey of 1200 Australians took place last week, as politicians began talking about easing COVID-19 lockdown restrictions, and resulted in the index rebounding 16.4 percent to 88.1 in May from an extremely weak 75.6 read in April.