Australia July consumer optimism restrained by rate surprise, survey shows
A Westpac-Melbourne Institute survey showed its main index of consumer sentiment crept up 0.6% in July, following an equally restrained 0.5% increase in June.
The index was 12.6% higher than a year earlier at 93.1, but being below 100 that still meant pessimists outnumbered optimists.
The Reserve Bank of Australia surprised markets last week by holding rates at 3.85%, when many had looked for a further cut following easings in February and May.
Matthew Hassan, Westpac's head of Australian macro-forecasting, noted those surveyed before the decision reported an index reading of 95.6,while those surveyed after produced a reading of just 92.
"The reaction checked what would probably have been a solid rise," said Hassan. "It still leaves the consumer mood stuck
at 'cautiously pessimistic' levels overall."
A separate weekly survey from ANZ found a similar souring in mood, as its index dropped 2.1 points to 86.5 led by concerns over the economic outlook.
Likewise, the Westpac survey showed its index of the economic outlook for the next year nudged up 1.8%, while that for five years fell 2.8%.
Family finances compared to a year ago did enjoy a bounce of 5.0%, while the outlook for the next 12 months picked up by 2.6%. In a disappointing note for retailers, the index of whether it was a good time to buy a major household item dropped 2.6%.
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Hewish's licence was cancelled after ASIC found that UGC had lured people into investing in UGC-related products by cold calling prospective clients and offering them a 'free superannuation health check'. He appealed his ban to the Administrative Appeals Tribunal, after ASIC said he 'created a culture of non-compliance and incompetence at UGC, and cannot be trusted to comply with financial services laws'. Hewish features as a director on the website of Melbourne-based property developer Hewson. It is linked to Serpells Road Pty Ltd, the developer of a luxury apartment complex at Templestowe in Melbourne's east. Mr Hewish's X account describes him as a 'professional stock and real estate investor and speculator. Former Founder, CEO and Chief Investment Officer of a multi-disciplined wealth management business'. It lists his based as New York even though his ASIC file shows him as a director of companies in Melbourne and the Gold Coast. Daily Mail Australia has contacted Mr Hewish for comment.
