A neat microcosm of Sydney, that.
Share markets are way up. Sydney home values are booming, and so too are house prices in London. Even without drawing lines of credit, we're wealthier.
Without fail, I make the comment every weekend to my better half that in Sydney at the moment it feels like what it must have been like to live through the US golden age of consumerism in the 1950s.
People have got money thanks to rock bottom mortgage rates and by heck they are spending it!
In fact, I reckon it is already going strong, whatever people might be trying to argue elsewhere.
I know that Sydney is not Australia, but still, this is definitely not what my eyes have been telling me...but what about the data?
In any case, the prior month was also revised up as well to 0.7%.
We haven't seen anything remotely like this since the stimulus of 2009.
And the ABS confirmed this yesterday:
In fact, it's even a part of the Monetary Policy wording over in Blighty, and here's exactly how the Bank of England describes it:
Cameron Kusher of RP Data charts the information, so draw your own conclusions (it does):
Add to this in the past week: