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Consumer confidence in Australia continued to rise for the third straight month in October, in an attempt that showcases that the economy has remained resilient in wake of ongoing global instability.
The Westpac-Melbourne Institute survey of consumer sentiment rose 1.1 percent in October, following a 0.3 percent increase the prior month. Westpac’s monthly survey is based on responses from approximately 1,200 adults aged 18 and over from across Australia. The survey is normally conducted in the first four days of the month.
Moreover, a separate report from ANZ-Roy Morgan on Tuesday showed that Australian consumer confidence declined slightly in the latest week, but remained above the historical average.
Further, efforts by the Reserve Bank of Australia to shore up consumer confidence in the economy have remained highly accommodative. The Reserve Bank slashed interest rates twice this calendar year to counteract weak inflation.
Meanwhile, the RBA`s policy easing has failed to stem gains in its local currency. The Australian dollar has advanced more than 4 percent against its US counterpart in 2016. The AUD/USD advanced 0.4 percent to 0.7561 on Wednesday.
