Westpac chief economist Bill Evans says the rising cost of living and worries about a potential interest rate hike have stymied consumer confidence this year. "Pressures on family finances, concerns around interest rates, deteriorating housing affordability and rising energy prices have all weighed on confidence in 2017," he said. "These factors are more than offsetting the boost from an improved outlook for jobs particularly when a stronger labour market has not been associated with increased wages growth."
Westpac Consumer Sentiment up by 2.5%
Soaring power bills and other hits on the household budget mean consumers remain downbeat despite a better jobs outlook, an economist says. The latest Westpac-Melbourne Institute Index of consumer sentiment rose 2.5 per cent in September to 97.9 points, from 95.5 in August, but was 3.5 per cent weaker compared with a year ago.
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