Westpac–Melbourne Institute Consumer sentiment index

The above posted its strongest monthly jump since June 2009. It was the biggest increase from the 100-point level since records began in the mid-1970s, Westpac said. The index jumped 11.1 per cent in July to 113.1 from 101.9 as Australians focused on the strong jobs market and the resilience of the economy in the face of slowdown fears for the world's economy.

The above is surprising in light of global troubles but seems to be a bounce from recent steep falls. The economy continues to show mixed signals with consumer spending still weak.

Budget Revisions
Treasurer Wayne Swan released some pre-election campaign revisions yesterday showing a stronger return to surplus in 2012/13 and unemployment to dip to 4.75% by the middle of 2011. The improvement in the budget is due largely to the assistance from mining.