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Thu, 12 Dec, 2013 12:00:26 AM FTimes- Xinhua Report, December 12
Australian consumer confidence fell to a five-month low in December, a survey released on Wednesday found.
The Westpac Melbourne Institute Index of Consumer Sentiment dropped by 4.8 percent in December to a reading of 105.0, from 110. 3 in November.
It was the lowest level of the index since July 2013, Westpac Bank chief economist Bill Evans said.
"It appears that the boost in confidence partly associated with the election result and booming house prices has faded in December, " Evans said in a statement.
"In particular, confidence around the economic outlook has faltered."
Evans said more consumers expected unemployment to rise, with the Westpac Melbourne Institute Unemployment Expectations Index increasing by 4.6 percent from 144.7 points to 151.4.
"It is likely that news on job losses in high profile companies such as Qantas and Holden may have unnerved respondents while media coverage of rising fixed mortgage rates may also have been a factor in the sharp swing in assessments of interest rate news from favorable to unfavorable," he said. More News
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