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Australia: Westpac consumer confidence index (July ): -1.1% to 82.7 (prior +1.7% to 83.6)

2024-12-30FOREXLIVEFOREXLIVE
Westpac-Melbourne Institute consumer confidence index, a monthly survey

Westpac's report, main points:

  • Family finances again under pressure.
  • Muted lift from ‘stage 3’ tax cuts and other fiscal measures, although many yet to see cash-flow boost.
  • Biggest declines amongst middle income earners, Victorians, hospitality and construction workers.
  • Rate rise expectations post big jump – 60% now expect higher rates.
  • Steady outlook for labour market still the main source of support.
  • Same story around housing: weak buyer sentiment and positive price expectations.

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