Latest NewsConsumer confidence soars 12.7% in June, biggest monthly rise in 22 yearsSaturday, 13 August 2016

A key measure of Australian consumer confidence has soared 12.7 per cent in June, the biggest monthly rise in 22 years, as the nation celebrates its fortune in dodging a global recession.

The survey of 1,200 people by the Westpac-Melbourne Institute showed its index of consumer sentiment jumped to 100.1 in June, the highest level in 16 months.

"This is a truly remarkable result," Bill Evans, chief economist at Westpac, said.

"It is the second-largest recorded increase in the index since the survey began in 1974 and the largest increase in the last 22 years."

"This result only strengthens the case for rates to remain on hold," he added. The RBA skipped a chance to ease this month and is expected to keep rates at 3.0 per cent for some time to come.

The "Time to Buy a Dwelling" index rose 2.5 per cent compared to the first quarter, to be up 80 per cent since June last year. The "Time to Buy a Car" measure jumped 8.7 in the quarter, to be up 51 per cent on the year.

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