Reported about 1 year ago
Australian consumer sentiment declined in July due to worries about potential increases in borrowing costs overshadowing the anticipation of tax cuts and government assistance with power bills. The Westpac-Melbourne Institute survey revealed a 1.1% drop in consumer sentiment, with pessimists outnumbering optimists. The index reading of 82.7 indicated ongoing pessimism driven by concerns over inflation, interest rate hikes, and delayed impact of tax cuts. The survey also noted an increase in respondents anticipating higher mortgage rates, impacting family finances despite a slight improvement in economic outlook and intentions to buy major household items.
Source: YAHOO