Consumer confidence has been fluctuating for some time, but the latest Reserve Bank of Australia (RBA) cash rate decision has caused it to move into more positive territory.
During the week ending May 10, the ANZ-Roy Morgan Consumer Confidence Index improved 1.7 per cent. This followed the RBA's announcement that interest rates would be at a record low of 2 per cent for at least the next month.
This has the potential to create more affordable home loans if you're considering buying Belconnen real estate. Not only this, the general public is more hopeful about what the future has in store.
Consumers' view of their own finances compared to a year ago reached the highest level since February, while they were also more optimistic about how their money would fare in the future.
ANZ Chief Economist Warren Hogan said the next few weeks could prove crucial, especially with the budget announcement just around the corner.
"Going forward, the sustainability of the ANZ-Roy Morgan Consumer Confidence Rating will be important in assessing whether rate cuts and new budget measures will ultimately lift household spending," Mr Hogan commented.
Are you hoping to make the most of the all-time low cash rate? Get in touch with the team at Ray White Belconnen today.