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Australian Consumer Confidence May Fall on Rate Hikes, Says Westpac

Australian Consumer Confidence May Fall on Rate Hikes, Says Westpac

2010-03-10 02:06:00
Ilya Spivak, Sr. Currency Strategist
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An index of Australian Consumer Confidence compiled by the Westpac Banking Corp rose 0.2 percent in March. The details of the report pained a mixed picture, with expectations of household finances in a year from now rising 5.5 percent while those of the overall economy declined for the second consecutive month, down 1.9 percent. Westpac chief economist Bill Evans referred to the outcome as “a solid result” but cautioned that RBA rate hikes may start to weigh on sentiment in the months ahead, saying “rates have not reached the point where increases have a major impact on confidence.”


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