Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Confidence up but still low

Staff Reporter 1 minute read

Consumer confidence crept upwards in October as a result of RBA rate reductions and the government’s stimulus package but still remains well below 2007 levels, according to yesterday’s Westpac-Melbourne Institute Index of Consumer Sentiment.

The Index, which rose by 4.3 per cent this month, is 22.6 per cent below the index’s level at the same time last year and 14.5 index points under the crucial level where optimists and pessimists are equal.

Mortgage holders’ confidence also improved only slightly by 2.9 per cent despite the dramatic fall in mortgage rates.

Given the results and the fact that the RBA does not meet in January, Bill Evans, Westpac chief economist, said there was a “decent chance” that rates would be cut by another 0.75 per cent in December.

NAB is also predicting a 0.75 per cent rate cut next month.

Advertisement
Advertisement

Published:13-11-08

Related Articles

Rates to fall to 3.75pc within six months: NAB 12-11-08

Today's other news



Confidence up but still low
default
TheAdviser logo
default

TODAY'S POLL

View results >

Who do you aggregate through?

Thank you for your vote, you can see the results here.

more from the adviser
GlennGibson Cashback offers driving new consumer behaviour

More borrowers are looking at refinancing to take advantage of sh...

Peter White FBAA warns against volume-based incentives

The Finance Brokers Association of Australia has urged lenders to...

Sam white Why COVID-19 broking trends are here to stay

Loan Market executive chairman Sam White has commended brokers fo...

FROM THE WEB