Australia Consumer Sentiment Drops on Mounting Rate-Rise Fears

Bloomberg2022-02-09

Australia’s consumer sentiment fell on concerns that borrowing costs are set to begin climbing this year, intensifying pressure on highly-indebted households already struggling with soaring gasoline ...

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Comments

cheazle
2022-02-09
cheazle
Cool
kevinlaisq
2022-02-09
kevinlaisq
Pls like
Pandachubby
2022-02-09
Pandachubby
Lol
Investingboy
2022-02-09
Investingboy
Like please
nelson21
2022-02-09
nelson21
Pls like
Dhalsim Wee
2022-02-09
Dhalsim Wee
like thanks

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The survey showed the proportion of respondents expecting an increase in mortgage rates over the next 12 months lifted to 66% from 55% in January.“There is a firming expectation amongst consumers that interest rates are set to rise,” said Westpac Chief Economist Bill Evans. “This is the most pessimistic consumers have been about the interest rate outlook since August 2011, although on that occasion, rate hikes actually failed to materialize.”The Reserve Bank of Australia last week announced it was winding up its bond-buying program and Governor Philip Lowe opened the door for a rate increase this year. Economists expect the first hike could come as soon as June.The detail in the survey indicated that consumers were optimistic about the economy, but less so about their personal finances.The “economy, next 12 months” sub-index increased by 2.4% and the “economy, next 5 years” was up by 1.5%. 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