Consumer sentiment in NSW is at its highest level in a year, with Treasurer Gladys Berejiklian welcoming the news that there are more optimists than pessimists.
The Westpac-Melbourne Institute Index, released today, showed that NSW consumer sentiment rose by 12.5 per cent in May to 109.9. The result is well above NSW’s decade average of 103.4.
An index of above 100 indicates that optimists outnumber pessimists. NSW consumer sentiment remains above the national average and has been for 19 of the last 20 months.
“The NSW economy continues to show strength and this is having a positive effect on consumers,” Ms Berejiklian said.
“When consumers feel confident about economic conditions, this encourages further growth and jobs creation.”
NSW was ranked first among the states in the May W-MI Index and was one of only two states where optimists outnumber pessimists.
The W-MI Index provides an indication of future consumer spending by measuring consumers’ assessment of economic conditions.
“This is yet another top-ranking result for the NSW economy,” Ms Berejiklian said.
“For some time now, we have been the strongest in the nation and the NSW Government will keep working hard to ensure we continue to see these great results.”