RTTNews reports that survey data from Westpac showed that Australia's consumer confidence improved sharply in October following the announcement of the federal budget and the ongoing success in containing the Covid-19 outbreak.

The Consumer Sentiment advanced 11.9 percent to 105.0 in October from 93.8 in September. The indicator gained 32 percent over the last two months to the highest level since July 2018.

All components of the index were higher in October. The most striking improvements were around the outlook for the economy.

The 'economy, next 12 months' sub-index increased 24.2 percent, while the 'economy, next 5 years' sub-index was up by 14.1 percent.

Bill Evans, chief economist at Westpac said one of the likely factors behind the surge in sentiment this month is an expectation that the central bank is set to cut the overnight cash rate to 0.10 percent from 0.25 percent at the meeting scheduled on November 3.