Westpac consumer confidence in Australia gained 1.7% in October to reach 121.4 points compared with a previous 5.2%. Consumer confidence rose to the highest level in about two years that was one of the reasons that encouraged the nation's reserve bank to raise interest rates by 25 basis points to be 3.25%.

Rising consumer confidence came after a report showed that unemployment declined opposing forecasts to reach 5.7% giving signs that the nation's labor market is healing along with a recovering economy that managed to expand 0.6% in the second quarter after it avoided technical recession and grew 0.4% in the first quarter of this year.