Australian consumers remain pessimistic on economic outlook

Professionals in search of Australian sales jobs should be aware that consumer sentiment has failed to lift significantly, despite the Reserve Bank’s decision to cut interest rates, it was revealed today (January 18th).

A survey compiled by Westpac Banking Corporation and the Melbourne Institute of Applied Economic and Social research showed the consumer sentiment index rose just 2.4 per cent to 91.7 index points this month.

That is in comparison to the December’s figure of 94.7 points, illustrating a more positive outlook compared to the 8.3 dip witnessed last month.

However, chief economist of Westpac Bill Evans suggested this was lower than anticipated and there was still some way to go before consumers felt encouraged again.

He said: “Despite the Reserve Bank having cut the overnight cash rate by a total of 50 basis points … the Index is still slightly below the level which it registered before the first rate cut.”

Westpac predicted the RBA would reduce the cash rate by another 25 points in February.

Meanwhile, mining company BHP Billiton said it expected iron ore production to exceed 159 million tonnes in 2012 as it enjoyed output growth of 22 per cent in the last quarter.

Posted by Steve Williams

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