Australia consumer sentiment improves in August after RBA hold- Westpac
Investing.com-- Australian consumer sentiment improved in early August after the Reserve Bank kept interest rates unchanged and as the effects of recent tax breaks became more apparent, although consumers still remained broadly pessimistic.rose 2.8% in August, more than expectations for an increase of 0.5% and improving from the 1.1% decline seen in the prior month.
Fears of even higher rates were somewhat soothed after the Reserve Bank of Australia kept rates unchanged during its August meeting, stating that it was seeing some signs of easing inflation. Still, Tuesday’s data showed consumers were less concerned about rate hikes. Consumer were also encouraged by tax breaks and fiscal support introduced earlier this year.
Sticky inflation and high interest rates battered consumer sentiment over the past two years, especially as Australian economic growth also slowed.
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