29 August
Consumer sentiment in Australia edged up in July
Australia’s consumer confidence improved in July as households grew more optimistic about their finances, even after the country’s Reserve Bank (RBA) unexpectedly held interest rates steady last week, Bloomberg reports.
According to a Westpac Banking survey, consumer sentiment rose by 0.6%, reaching 93.1 points. However, since the figure remains below the 100-point threshold, it suggests that pessimists still outnumber optimists.
Despite the modest monthly increase, consumer sentiment remains below the level seen before the RBA's surprise move last month. Prior to the rate decision announcement, the index stood at 95.6 points, Westpac Banking data shows.
Australians continue to anticipate further monetary easing. Financial markets are pricing in at least two RBA rate cuts this year, Bloomberg says.
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