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Australian consumer sentiment up despite rate hikes

Wednesday, Jul 12 2017
Australian consumer sentiment up despite rate hikes

Consumer sentiment has risen despite banks increasing rates on interest-only mortgages, but pessimists still outnumber optimists. The latest Westpac-Melbourne Institute Index of consumer sentiment has risen 0.4 per cent to 96.6 in July, compared to 96.2 in June. Westpac's chief economist Bill Evans said it was the eighth consecutive month for the index to print below 100, which means the pessimists outnumber the optimists.

However, he said the lift in the index was a good sign considering the out-of-cycle interest rate rises by the banks. "Developments around interest rates during the month could have been much more damaging for confidence than what turned out to be the case," Mr Evans said. ''Banks increased rates on 'interest only' mortgages while there was considerable media speculation about prospects for rising rates overall (in July)."

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