Consumer Sentiment Jumps According to Westpac Bank/Melbourne Institute Survey
Despite a hike in interest rates by the Reserve Bank, consumer confidence lifted in March according to the most recent survey conducted by the Westpac Bank and the Melbourne Institute.
The survey showed a rise in confidence from February to March of .2 per cent. The index was a seasonally adjusted 117.3 points in March compared to 117 points in February. Over the course of the last year, consumer sentiment has risen a massive 37.1 per cent.
The RBA's move to increase the cash rate to 4% has not dampened consumer confidence at all. This is despite the fact that most commentators predict the RBA to hike interest rates a number of times in 2010. The cash rate has now been lifted by 100 basis points or 1 per cent since October 2009.
The standard variable rate for most of the major banks is heading close to 7%. The National Australia Bank leads the field of the majors with the lowest standard variable interest rate.
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