Consumer sentiment reaches seven year high

15/3/02
The Gallop Government has welcomed the latest signs of a rebounding economy with new figures showing a seven-year high in Western Australian consumer sentiment.
Treasurer Eric Ripper said the Westpac-Melbourne Institute consumer sentiment survey for WA showed a rise of 9.4 per cent this month.
Consumer sentiment in WA was 31 per cent higher than a year ago and at the highest level recorded since August 1994.
Mr Ripper said the figures showed WA was climbing out of the economic hole brought about by the introduction of the Howard Government's GST.
"While this is good news, it is no cause for complacency," he said.
"The Government will continue to work hard to stimulate economic development and create opportunities for new export markets."
The consumer sentiment findings followed:

• a recent CCI-Bankwest survey of WA business expectations in the December quarter, which showed a 2.9 per cent rise in confidence in the quarter to reach a two-year high; and

• an Australian Bureau of Statistics report that WA had four per cent growth in State final demand last year - the strongest annual growth since 1998. This growth was propelled by an increase in business investment of 21 per cent.