A closely watched barometer of Australian consumer confidence rebounded only slightly in January, a sign the recent pick up in employment was having a minimal impact on future expectations. The Westpac-Melbourne Institute survey of consumer sentiment rose 0.1% this month, following a decline of 3.9% in December. Westpac’s monthly survey is based on responses from 1,200 adults aged 18 and over from across the country. The questionnaire is administered in the first four days of each month.
Consumer sentiment has waned in recent months as the country’s big four banks raised some interest rates, partly in response to a sharp rise in wholesale rates following the US presidential election. Earlier this week, the National Australia Bank (NAB) raised rates on fixed-rate home loans, joining competitors Westpac, ANZ and Commonwealth Bank in tightening their lending terms.
Last modified on Wednesday, 18 January 2017
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