Australian consumers cautious about future

Beijing News.Net
Thursday 22nd May, 2008

Australian consumer sentiment has failed to lift from their low levels despite steady interest rates and government announced personal income tax cuts.

The Westpac-Melbourne Institute index of consumer sentiment has improved only slightly in May after record-low levels in April.

The index remains below the key 100 level, indicating pessimists outnumber optimists, at 89.8 per cent.

The Reserve Bank of Australia's decision to leave interest rates on hold, an improving share market and higher local dollar have been positive for the index, but the 3.8 per cent rise in petrol prices has been by far the most imposing negative.

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