Sydney, Australia (4E) – Consumer confidence in Australia rose in July following a decline in the previous months, although it continues to be below than average, according to the survey results released by Westpac on Wednesday.
The consumer sentiment index by Westpac Melbourne Institute climbed at 1.9 percent on month to 94.9 in July, compared with June’s 93.2 reading.
The figure was only 2 percent higher than the fall in May as a result of the Commonwealth Budget. The index in July was also lower by 14 percent than the high last November and 10 percent lower than the average score for last year.
The sub-index for family finances improved 1.9 percent from a year ago. The gauge for one-year financial outlook rose to 12.3 percent in July, although the 23 percent tumble in May after the budget has yet to be reversed.
The economic conditions index that measures perceptions on the upcoming year strengthened to 3.9 percent, while perceptions on the next five years fell 3.8 percent this month. The measure for time to make major household item purchases slid 2.1 percent in July.
Meanwhile, confidence in the labor market stayed weak with the index dropping 0.3 percent.