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Consumer sentiment bounced back for August, the Westpac-Melbourne Institute Index of Consumer Sentiment revealed yesterday.
While still very low, the index rose by 9.1 per cent over to 86.2 per cent – the third biggest monthly jump in the last five years.
Bill Evans, Westpac chief economist, said the improvement was most likely due to the sharp fall in petrol prices.
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Mr Evans said that considerable scepticism remained among consumers with regards to interest rates because of concerns dominating the media that banks might not pass on rate cuts to consumers.
Published: 14-08-08
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