11 Feb 2015
Australia consumer confidence soars to 13-month high
FXStreet (Bali) - Westpac's Australian consumer sentiment surged to its highest in 13 months in February, after a seasonally adjusted 8% increase to 100.7, with the lowering of interest rates by the RBA last month, a relentless rally in the Australian equity market and falling oil prices, helping to lift up optimism among family finances and the economy.
Bill Evans, #Westpac chief economist, said: "This is a much stronger result than we had expected. The idea that households would be unnerved by the implication that authorities might be responding to a surprise deterioration in economic circumstances seems to be strongly disputed by this result."
Reuters adds: "The impact showed in the survey, where the measure of family finances compared to a year ago jumped 12.4 percent, while the outlook for the next 12 months rose by 7.6 percent. The survey's index for economic conditions over the next 12 months climbed 10.4 percent in February, while that for the next five years rose 13.4 percent."
Bill Evans, #Westpac chief economist, said: "This is a much stronger result than we had expected. The idea that households would be unnerved by the implication that authorities might be responding to a surprise deterioration in economic circumstances seems to be strongly disputed by this result."
Reuters adds: "The impact showed in the survey, where the measure of family finances compared to a year ago jumped 12.4 percent, while the outlook for the next 12 months rose by 7.6 percent. The survey's index for economic conditions over the next 12 months climbed 10.4 percent in February, while that for the next five years rose 13.4 percent."