"The strong labour market recovery provided a boost to consumer confidence with the index gaining 1.3 per cent last week. The unemployment rate fell to 5.1 per cent in May, reaching its lowest level since February 2020 - that is, before the pandemic
started." ANZ Head of Australian Economics, David Plank said.
"This strength in the employment data overshadowed news about the emergence of a COVID cluster in Sydney. Confidence in the city rose by 5.2 per cent, while in the rest of New South Wales it gained 2.8 per cent."
"We know from recent experience, however, that sentiment will likely be impacted negatively if the outbreak worsens and greater restrictions are imposed."