Australians plan to spend up big this Christmas – consumer sentiment index

The Westpac/Melbourne Institute finds Christmas spending outlook is at seven-year high and suggests Turnbull prime ministership has raised confidence

Malcolm Turnbull's ascent to the prime ministership appears to have helped raise consumer confidence: the Christmas spending outlook is at a seven-year high.

The Westpac/Melbourne Institute index shows consumer sentiment rose by 3.9% in November to 101.7 points, indicating there are more optimists about the economy than pessimists.

Related: Turnbull has improved confidence. But what the economy needs is more spending | Greg Jericho

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