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Australia's consumer confidence up despite mortgage rate rises

Xinhua, October 27, 2015 Adjust font size:

Australia's weekly consumer confidence survey has consolidated above its long term average, despite fears mortgage rates rises from Australian banks would dampen the spending mood, figures showed on Tuesday.

The ANZ/Roy Morgan weekly consumer confidence index rose just 0.1 percent last week, after slumping 2 percent the previous week.

The news brings comfort to Australia's central bank board which meets next Tuesday to discuss monetary policy following moves by Australia's big four banks to increase mortgage rates, essentially tightening Australia's economy.

Craig James, chief economist for Commonwealth Securities, told local media on Tuesday the stabilization of the Australian dollar, a 1.6 percent lift in the local stock market and an upbeat assessment of the Australian economy in the Reserve Bank of Australia's September board meeting minutes had all played a role in offsetting negative sentiment. Enditem