Australia Consumer Confidence July 2017

Australia

Australia: Consumer sentiment slide ends in July

July 12, 2017

The Westpac-Melbourne Institute Index of Consumer Sentiment came in at 96.6 in July, up 0.4% from June’s 96.2. The index thus remains below the 100 mark, indicating that the number of pessimists still outnumbers optimists.

This month’s result was negatively affected by renewed fears about the country’s economic outlook and the outlook for interest rates. Much media speculation about the possibility of an interest rate hike by the RBA fueled households’ concerns about their financial future. Already, some banks hiked interest rates for some mortgages. However, households were more upbeat about conditions in the labor market, which led them to see the economic outlook in a moderately more positive light.

FocusEconomics Consensus Forecast panelists see private consumption growing 2.4% in 2017, which is unchanged from last month’s forecast. In 2018, panelists also see private consumption expanding 2.4%.


Author:, Economist

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Australia Consumer Confidence July 2017

Note: Index of consumer sentiment; 100-point threshold indicates equal number of positive and negative responses.
Source: Westpac-Melbourne Institute Survey of Consumer Sentiment.


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