Scott Phillips from The Motley Fool is confident Australia’s economic recovery is ‘well and truly underway’ following strong data over a number of weeks. 

“ANZ-Roy Morgan Consumer Confidence Research has been released and 27 per cent of Australians – you wouldn’t have expected this – say their families are better off than this time last year,” said Joe Hildebrand on Afternoons.

Mr Phillips said this was “yet another his is yet another in a really, really good strong long-term range of data.”

“Things are looking good,” he said.

China’s sanctions against Australian coal will cost the economy greatly, however.

“Of course, it’s not yet at iron ore but if it gets to that point, all bets are kind of off,” he said.

“A $14 billion impact is the likely cost to Australian coal companies.

“This is the one thing on the horizon that really could scuffle the economic recovery.”

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