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Australia Consumer Sentiment Highest Since December 2010


Confidence among Australian consumers rose to its highest level in more than two years in March with the effects of the past interest rate cuts by the Reserve Bank becoming more visible.



A survey by Westpac and the Melbourne Institute showed Wednesday that the consumer sentiment index rose 2 percent in March to 110.5 from 108.3 in February. This is the highest level of the index since December 2010.



"This is a strong result," Westpac's Chief Economist Bill Evans said. It is the fifth consecutive month that the index has registered above 100, he noted.



Evans said that in recent months, the accumulation of the cuts appeared to be genuinely boosting confidence. Since October last year, the confidence index has increased 11.5 percent.



The Reserve Bank of Australia kept the cash rate unchanged at 3 percent in February and March, but said there is scope to ease policy further, if necessary, to support demand.



The central bank has reduced cash rate six times since it started its easing cycle in November 2011.



Also, "equity markets and the associated signals that global economic prospects are improving are the other key driver of this improved confidence," Evans said.



Data released by the Australian Bureau of Statistics on Wednesday showed that home loans declined unexpectedly in January. The number of dwelling commitments for owner occupied housing fell 1.5 percent month-on-month to 44,383.



Economists had forecast an increase of 0.5 percent following 2.1 percent fall in December. Lending has now declined for four consecutive months. Meanwhile, investment lending rose 4.4 percent from the previous month.





news.instaforex.com »

2013-3-13 11:14

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