This is a much stronger result than we had expected. It represents the first time since February last year that we have seen a majority (albeit miniscule) of optimists over pessimists. It is also the highest level of the Index since January last year. It is probably best to assess the progress by noting that the level of the Index is now 1% above its reading in April last year. That was the last reading prior to the May Budget after which the Consumer Sentiment Index plummeted 6.8%. Up until today, confidence had struggled to make up any ground following that shock. There have been a number of important reasons why ... (full story)