An index of consumer sentiment in Australia rose 9.3% in July from June to reach its highest level since December 2007, as shoppers' spirits were lifted by government cash handouts, upbeat views on the domestic economy and still-resilient employment levels.
The index rose to 109.4 points in July in seasonally adjusted terms from 100.1 points in June, compilers Westpac Bank and the Melbourne Institute said in a statement.
In annual terms, the consumer sentiment index rose a seasonally adjusted 38.5% in July. In trend terms, the index rose 5.4% from June, contributing to a 25.7% annual increase.