Australia: Consumer confidence improves moderately in July
July 9, 2014
The Westpac-Melbourne Institute Survey of Consumer Sentiment edged up from the 93.2 points tallied in June to 94.9 points in July. Despite July’s increase, the indicator is still slightly below the 100-point threshold that separates optimistic from pessimistic territory.
According to the Institute, July’s print is disappointing. A stronger rebound was expected in June and July following May’s sharp drop due to the government presenting its tough Commonwealth Budget on 13 May, but the rebound has not yet occurred. That said, July’s increase in consumer confidence was somewhat encouraging. Consumers were more optimistic regarding the future economic situation of the country. Households’ views regarding their current personal finances also improved as did their views of their future financial situations, although they did not express more willingness to purchase big-ticket items.