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The latest consumer sentiment survey by Westpac, released this Tuesday, illustrates that any positive impacts from recent fiscal support measures are being overshadowed by ongoing inflation concerns and uncertain interest rate outlooks.
Specifically, consumers fear that the continuing high inflation rates may compel the Reserve Bank to enact more interest rate hikes, further reducing disposable income and increasing the burden on already stressed household budgets.
This sentiment comes from consistent reports grounded in observed changes in the cost of living, as households experience rising prices in essential goods and services such as groceries, utilities, and housing.
Westpac Consumer Sentiment Index noted only a slight improvement this month, largely attributed to government measures aimed at easing financial pressures on citizens during this economic downturn. However, this improvement has been uneven and insufficient to offset widespread concerns about the future.
For subscribers seeking to delve deeper into the specifics of this survey, detailed metrics and insights are accessible through Westpac’s digital platforms. Membership benefits also include exclusive access to discounts, rewards, and competitions designed to offset some consumer costs and bolster buying power.
Source: Initially reported by Cheyanne Enciso in The West Australian.
Published:Wednesday, 26th Jun 2024
Source: Paige Estritori
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