Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter

Jobs and petrol help drive improvement in consumer sentiment

Westpac has reported an increase in consumer confidence, which the bank insists is more than just a result of the regular “holiday boost”.

The major reported a 2.4 per cent monthly improvement in consumer sentiment for January, but it is still down 9.7 per cent compared with 12 months ago.

However, chief economist Bill Evans said the small monthly increase indicates that sentiment has lifted over and above the rise normally seen in January.

“The recent hiatus in media coverage on Budget issues would have been a welcome respite for respondents,” he said.

“The December labour force report would also have clearly boosted confidence.

Advertisement
Advertisement

PROMOTED FEATURES


“The unemployment rate was reported to have fallen from 6.2 per cent in November to 6.1 per cent in December, with an impressive 37,500 jobs added on top of the 44,900 jobs added in November.”

Mr Evans said the sharp fall in petrol prices would have also been a positive for consumers.

“Local pump prices averaged just $1.10 per litre nationally during the January survey week – a six-year low, and down sharply on the $1.32 per litre recorded in December and the $1.46 per litre average throughout 2014.”

Mr Evans added that markets are giving little chance of a rate cut when the Reserve Bank board meets on February 3.

 

Jobs and petrol help drive improvement in consumer sentiment
mortgagebusiness

Latest News

Consumer groups have blasted the federal government’s proposal to remove responsible lending laws from the NCCP, claiming the move has ...

Purchasing property is one of the top two savings goals for younger Australians, but a lack of financial knowledge is impeding them from ent...

The majority of Australian businesses intend to invest in analytics to automate decision making around credit over the next 12 months, accor...

FROM THE WEB
podcast

LATEST PODCAST: How lenders are viewing the property price outlook

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

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