Australia Consumer Sentiment Edged Lower on Gloomier Outlook
1 day, 7 hours ago

Australia Consumer Sentiment Edged Lower on Gloomier Outlook

Live Mint  

-- Australia’s consumer confidence edged down on concerns about the broader economy, including a weaker currency and uncertainty about the timing of interest-rate cuts. “It is possible that consumers were reacting to news about the depreciation of the Australian dollar against the US dollar, which resulted in some negative headlines about the outlook for interest rates and the broader economy,” said Luci Ellis, chief economist at Westpac. “Consumers’ assessment of their finances compared with a year ago reversed the gains in December.” The Australian dollar has declined almost 8% against the greenback in the past three months, the worst performer among major currencies outside the kiwi. “Within the overall view on interest rates in January, homeowners with a mortgage were more likely to expect a rate cut than either renters or outright owners,” Ellis said.

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History of this topic

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ABC  

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