Consumers are worried about their own finances and most expect mortgage interest rates and unemployment to rise this year, Westpac says. The Westpac-Melbourne Institute Index of Consumer Sentiment jumped 2.3 per cent to 99.6 points in February, from 97.4 points in January, remaining just below the 100 point level at which optimists outnumber pessimists. Westpac senior economist Matthew Hassan said all components of the index had improved this month, but it was still below the highs recorded in October and November.
"At just below 100, the index is in slightly pessimistic territory with consumers reporting family finances under pressure and a mixed outlook for the economy," he said. Consumers' views of their current finances compared to a year ago had improved, up four per cent, and they were also 1.1 per cent more upbeat in their views about their finances over the next 12 months. But both measures remain below average.
Last modified on Thursday, 16 February 2017
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