Asia's Pacific

Australia Consumer Sentiment Plunges In March - Westpac/Melbourne

Consumer sentiment in Australia declined in March, according to survey results released Wednesday by Westpac Bank and the Melbourne Institute.

The consumer sentiment index declined 5.0 percent from February.

Compared to one year ago, the index is down a seasonally adjusted 7.7 percent.

The index has now dropped below the level in October 2011, prior to the Reserve Bank of Australia's two interest rate cuts.

Westpac Chief Economist Bill Evans said the lower index rating reflects higher mortgage interest rates, as banks cite pressure from rising wholesale funding costs.

by RTT Staff Writer