Consumer confidence goes boom and bust

David Llewellyn-Smith

Tuesday 11 November 2025

Westpac says boom..

Westpac-Melbourne Institute Consumer Sentiment Index surges 12.8% to 103.8.
First positive read since early 2022 and a seven-year high (excl. COVID period).
Expectations improve as domestic recovery firms, trade risks subside.
Strong gain is despite a less confident outlook for interest rates and jobs.
‘Mortgage belt’ is a notable exception, sentiment dipping across this sub-group.
Christmas spending plans less restrained than last year.

ANZ-Roy Morgan says bust.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.