"In an encouraging development consumer confidence built on the gains seen in the previous week, with the strongest weekly gain for some time," ANZ Head of Australian Economics David Plank said.
"The substantial decline in active cases in Melbourne and continued low numbers in Sydney have raised hopes the pandemic can be contained without a broadening of lockdowns beyond those already in place."
"Although only one subcomponent is above the neutral level of 100, the gains made in the last two weeks have bought other subcomponents closer to that point, though ‘current economic conditions’ is still 38 per cent below the neutral level."
"Confidence was up firmly across all states except Victoria and NSW, where the gains were more subdued. Sentiment is now above neutral in Perth and Adelaide."