(RTTNews) - Consumer sentiment in Australia increased by 9.3 percent in July compared to June, according to survey results released Wednesday by Westpac Bank and the Melbourne Institute.

The July index reading advanced to a seasonally adjusted 109.4, its highest level since December 2007.

For the year to July, the sentiment index was up a seasonally adjusted 38.5 percent. In trend terms, which further smooth the seasonally adjusted data, the index was up 5.4 percent from June and 25.7 percent from a year earlier.

Westpac Chief Economist Bill Evans called the results “stunning,” and said the success of the government’s stimulus package should serve as a lesson to other governments, including the United States, which have taken a different approach in their stimulus packages.

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Posted in Categories: Australia, Economy, Releases.

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