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11 Sep 2013
Flash: Australia's Westpac cons conf at highest since Dec 2010
FXstreet.com (Barcelona) - Australian consumer confidence came to the highest level since December 2010, mainly due to more optimism towards a fresh new government and low interest rates, boosting sentiment among households.
The Westpac Consumer Confidence (Sep) rose to 4.7% to 110.6, a Westpac Banking Corp. and Melbourne Institute survey surved showed, which was taken between Sept. 2-8 of 1,200 adults in Sydney. Above 100 indicates optimists outnumber pessimists.
According to HSBC Economist Pail Bloxham: "Today’s Australian consumer sentiment survey follows yesterday’s business confidence numbers which bounced in August, from -3 to +6."
Bloxham adds: "An improvement in sentiment is a much needed part of Australia’s great rebalancing act. A range of factors seem likely to be at play, including low interest rates, the lower AUD and the prospect of a change of government (which has subsequently occurred). We continue to expect that the RBA may not need to deliver any more rate cuts."
The Westpac Consumer Confidence (Sep) rose to 4.7% to 110.6, a Westpac Banking Corp. and Melbourne Institute survey surved showed, which was taken between Sept. 2-8 of 1,200 adults in Sydney. Above 100 indicates optimists outnumber pessimists.
According to HSBC Economist Pail Bloxham: "Today’s Australian consumer sentiment survey follows yesterday’s business confidence numbers which bounced in August, from -3 to +6."
Bloxham adds: "An improvement in sentiment is a much needed part of Australia’s great rebalancing act. A range of factors seem likely to be at play, including low interest rates, the lower AUD and the prospect of a change of government (which has subsequently occurred). We continue to expect that the RBA may not need to deliver any more rate cuts."