Australian consumers brace for higher rates: survey

Most homeowners still believe that higher interest rates have been on the way, despite the Reserve Bank of Australia (RBA) holding fire on an increase this month and saying rates are now "normal", survey revealed on Friday.

Westpac-Melbourne Institute consumer sentiment survey for June has found 90 percent of respondents expect more rate rises by June next year.

Just three percent expected a fall in that timeframe, while seven percent saw no change.

But most respondents, 46 percent, have been bracing for a cumulative rise of up to one percent over the next 12 months, this compares with an outright majority of 61 percent expecting an increase of over one percent when the question was last posed in February.


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