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Has the cash rate cut bolstered customer satisfaction?

By James Brown

The reduction to the official cash rate earlier this month so far hasn't made much of an impact on consumer confidence, the latest figures suggest.

During the week ending 15 February, the ANZ-Roy Morgan Consumer Confidence Index fell 1.7 per cent, bringing it to the lowest level seen since early August last year.

"While we expect some bounce in coming months from lower interest rates, the question we increasingly debate is whether there can be a strong and sustained bounce in consumer confidence without an improvement in the labour market and a lift in wages growth," said ANZ chief economist Warren Hogan.

A lower cash rate might give people the incentive they need to buy property in Deception Bay, especially with so many competitive mortgage products on the market.

A pick up in home loan activity would spell good news for the wider economy, while also giving the construction industry something to smile about.

Results of this latest index show the two main areas of concern for Australian consumers are how the economy will perform over the next one and five years.

However, there is some more positive news as the index revealed that people's household finances compared to 12 months ago have largely improved.

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