Westpac Bank released its consumer confidence index for Australia on late Tuesday evening. The index climbed 3.9% in November, after a 4.2% gain in October. The index was driven by the change of prime minister from Tony Abbott to Malcolm Turnbull, according to the bank.
"The increase also comes despite the banks' decisions to raise mortgage rates for both owner occupiers and investors. It is surprising that such events did not have a negative impact on confidence. It appears that such is the boost to confidence from the recent political events that the impact of the interest rate increases was comfortably contained," Westpac Chief Economist Bill Evans said.