Australian increasingly confident about economic outlook

14:09, August 11, 2010      

Email | Print | Subscribe | Comments | Forum 

Australians have been increasingly confident about the economic outlook following the Reserve Bank of Australia's (RBA's) decision to halt its series of interest rate rises, survey showed on Wednesday.

The latest Westpac-Melbourne Institute Index of Consumer Sentiment figures reveal a 5.4 percent jump in the past month to levels last seen before the RBA started raising rates in October last year.

The biggest jump in sentiment was on the question of the economic outlook for the next 12 months, which rose 8.6 percent to 127.1. A figure above 100 showed optimists outnumber pessimists.

Westpac's chief economist, Bill Evans said the figures, the first released during the election campaign, were stronger than expected.

"After tumbling by 15 percent in the wake of three consecutive rate hikes in March, April and May, the index has now recovered by 17 percent in the last two months," Evans said in a statement.

"It is now back to around the level it reached at the beginning of this year and the level we saw prior to the beginning of the rate hike cycle in September last year."

Evans said the Reserve Bank's decision to keep rates on hold in August was the main boost to confidence.

"There were many reasons to expect the index to rise in August although a 5.4 percent increase following the 11.1 percent increase last month is much larger than we expected.


【1】 【2】

(Editor:黄蓓蓓)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Staff members watch a screen showing the blast-off of the Long March-2FT1 carrier rocket loaded with Tiangong-1 unmanned space lab module at Beijing Aerospace Control Center, Sept. 29, 2011. Commander-in-chief of China's manned space program Chang Wanquan announced Thursday night that the launch of Tiangong-1 space lab module was successful. (Xinhua/Wang Shen)
  • Chinese President Hu Jintao watches the launch of Tiangong-1 space lab module at Beijing Aerospace Control Center in Beijing, capital of China, Sept. 29, 2011. Other members of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, including Wu Bangguo, Jia Qinglin, Li Changchun, Xi Jinping, Li Keqiang and Zhou Yongkang, are also present. (Xinhua/Rao Aimin)
  • The graphics shows the launch procedures of the carrier rocket of Tiangong-1 space lab module, Long March-2FT1 on Sept. 29, 2011. (Xinhua/Lu Zhe)
  • Image taken from Beijing Aerospace Control Center shows a Long March-2FT1 carrier rocket loaded with Tiangong-1 unmanned space lab module blasting off from the launch pad at the Jiuquan Satellite Launch Center in northwest China's Gansu Province, Sept. 29, 2011. (Xinhua)
  • On Sept. 28, tourists travel around the Mingshashan Scenic Area in Dunhuang, Gansu province by camel. With the National Day vacation right around the corner, more and more tourists from home and abroad are going to Dunhuang. Riding on a camel, they travel in the desert to enjoy the cities rare form of natural scenery. (Xinhua/Zhang Weixian)
  • Chinese forest armed forces work together with forest firefighters on Sept. 28. (Xinhua/Chai Liren)
Hot Forum Discussion