Australia's consumer confidence falls
Sydney, Aug 15 (IANS) The confidence of Australian consumers has fallen despite some positive economic news over the past month, a survey released Wednesday showed.
The survey was released by Westpac Banking Corp and the Melbourne Institute of Applied Economic and Social Research.
The Westpac/Melbourne Institute Index of Consumer Sentiment fell 2.5 percent in August to 96.6, from 99.1 in July, reported Xinhua.
Westpac chief economist Bill Evans said the result was disappointing, given a better run of domestic and global economic news over the past few months.
"There has been enough positive news around since the last survey, and generally over the last few months, to have sustained an upswing in consumer sentiment," he said in a statement.
"News that retail spending was boosted in the first half of the year; unemployment remains low; the government has released 1.9 billion AU dollars ($1.99 billion) in fiscal compensation over the May-June period; the Reserve Bank had cut the overnight cash rate by 0.75 percent in May and June; and the president of the European Central Bank has been promising to `do whatever it takes' to save the euro has been unsuccessful in sustaining an upswing in sentiment."
Evans said the index appeared to show sentiment settling in a "cautiously pessimistic range".
He said August was the sixth consecutive month that the index had registered below 100.
Evans said four of the index' five components showed falls in August, with only the sub-index tracking expectations for family finances in the next 12 months showing an increase of 3.3 percent.
The sub-indexes tracking consumer views on family finances relative to a year ago fell by 6.3 percent.
Read More: World Bank | Bank Street | Bank Bazar | Bank Road | State Bank Of Mysore Colony | State Bank Colony | Central Institute Of Technolog | Vennar Bank So | Reserve Bank Building | Reserve Bank Nm Ltd. | Rose Bank Ndso | Jalpaiguri Bank . | Red Bank | Bank | Mohana Bank | Right Bank Tenughat S.o. | Akabarpur Bank | Central Institute of Psychiatry, Ranchi | National Dairy Research Institute | Central Institute of Indian Language
SHIKARA TREK BEGINS IN J&K AFTER 30 YEARS (NNIS Exclusive)
May 25, 2013 at 11:05 PM
CONG LEADER KILLED, PARTY CHIEF ABDUCTED IN NAXAL ATTACK IN CG
May 25, 2013 at 10:29 PM
SWAMY TO NNIS : CALL FOR BCCI CHIEF'S RESIGNATION IS ORCHESTRATED
May 25, 2013 at 9:46 PM