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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ongoing NSW lockdown, the ins and outs of the COVID-19 Disaster Payments, and how Brisbane’s successful Olympics bid could impact equities and property.

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Steve Waters, director of Right Property Group, chats about the impact of the lockdowns on the property market, what the 2032 Olympics could mean for Brisbane’s market, and whether APRA might need to pull the handbrake to cool house price growth.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into how the Olympics and other major events affect stock returns and what the implications are for investors.

And lastly, tax and super guru Timothy Munro talks about the near-record super returns, the COVID-19 Disaster Payments and what they mean for your super.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Labour market bounceback sees consumer confidence reach decade high

By Cameron Micallef

April 15 2021
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Invest

Labour market bounceback sees consumer confidence reach decade high

By Cameron Micallef
April 15 2021

The end of JobKeeper and a botched vaccine rollout have not dented consumer sentiment, with strong labour market data leading to consumer confidence rising to levels not seen since the GFC recovery, according to a big four bank.

Labour market bounceback sees consumer confidence reach decade high

By Cameron Micallef

April 15 2021
Share

The latest Westpac-Melbourne Institute sentiment index showed that consumer sentiment has increased by 6.2 per cent to 118.8 points in April, with 100 points the difference between an optimistic and pessimistic outlook.

Westpac’s chief economist, Bill Evans, described the result as ‘extraordinary’, noting he expected consumer confidence to fall in line with recent events.

“The survey was conducted in the week following the unwinding of the JobKeeper program,” he said.

“Initial fears that this and associated job losses would undermine confidence have proven to be unfounded.”

“Secondly, there has been disappointing progress on the vaccine rollout locally. Compounding this was new advice against giving those aged under 50 the AstraZeneca vaccine due to risks of rare but serious side effects. Yet households appear to be resilient,” Mr Evans explained.

According to the chief economist, a strong labour market has been the catalyst for this positive consumer outlook.

“Job vacancies were reported to be 27 per cent above the pre-COVID level in February last year, while the February labour force update showed the unemployment rate had fallen from 6.3 to 5.8 per cent, with employment increasing by a stunning 89,000,” the chief economist explained.

He also pointed to ending lockdowns and the associated upswings of workers in the recreation and hospitality sectors, with workers in these sectors showing big sentiment gains of 23 and 14 per cent, respectively.

“This result is particularly pertinent given that the unwinding of JobKeeper was expected to disproportionately impact recreation and hospitality,” Mr Evans said.

Victoria led the way with consumer confidence gains, with the state continuing to benefit from increased freedoms post its latest ‘mini-lockdown’.

Rising house and strong auction clearance rates are also buoying consumer confidence; however, affordability issues are creating headwind issues.

“Housing affordability appears to be weighing on home buyer sentiment; big ticket item spending intentions are not nearly as buoyant as the overall index; and confidence in the jobs market appears to have plateaued,” Mr Evans concluded.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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