August rate cut buoys consumers

The latest Westpac Melbourne Institute consumer sentiment survey shows a rise to 101.0 from July’s reading of 99.1. Any reading above 100 indicates the number of consumers who are optimistic is more than the number of consumers who are pessimistic. The rise was expected as the survey period included the covered the RBA’s 0.25% cut in the cash rate, an event which typically leads to more consumer optimism. Westpac’s chief...

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