Australia Westpac-MI Consumer Sentiment Up But House Price Expectations More Imp For RBA
By Sophia Rodrigues
Published On 12 Feb 2020 , 10:41 AMConsumer sentiment rose 2.3% to 95.5 in February, more than rebounding from the 1.8% fall in January, the Westpac-Melbourne Institute Consumer Sentiment Survey showed. Housing related sentiment was mixed with buyer sentiment deteriorating but house price expectations up a tad more after strong gains in January. The ‘time to buy a dwelling’ index fell 5.6% in February, to be back near recent lows. The monthly pull-back was broadly based suggesting it may reflect some shift in expectations around interest rates. House Price Expectations Index edged 0.2% higher in February, consolidating after a spectacular 70% surge over the previous nine months. Consumer price expectations continued to lift in NSW (+4.5%) and Vic (+1.7%) but cooled in Queensland (–3.7%) and partially retraced last month’s very sharp gain in WA (–12.9%). Strong rise in housing prices in response to the three rate cuts last year is one of the reasons the RBA has a very weak dovish bias because it is also accompanied by strong increase in owner-occupier mortgages. The data on house price expectations will thus do little to shift the RBA's thinking at this point.
LATEST SNIPPETS
RBA Lowe's June 30 panel participation cancelled as event postponed
RBA Governor Philip Lowe's panel participation at a banking conference on Wednesday (June 30) has been cancelled...
Published on : 28 Jun 2021 , 11:49 AMRBA's Ellis may talk on labor market, underemployment
RBA Assistant Governor Luci Ellis will be speaking at AI Group Business Lunch event this afternoon. The speech is due...
Published on : 23 Jun 2021 , 11:04 AMBig four banks' forecast for RBA 3-year yield target, QE3
Earlier Wednesday, ANZ published its view on third round of RBA's bond purchase program. In a note Wednesday, ANZ...
Published on : 19 May 2021 , 01:44 PMAOFM issues A$14B of Nov 2032 govt bond via syndication
The AOFM has issued A$14 billion of the 1.75% 21 November 2032 bond issue at a price of +12.5bps, and indicative yiel...
Published on : 13 Apr 2021 , 10:22 AMAustralia 2032 Bond Syndication Prices at 12.5bps Over 10yr Futures
Pricing for The Australian government's 1.75% 21 November 2032 bond issue has been set at +12.5bps, and the order...
Published on : 13 Apr 2021 , 09:37 AMWestpac ups forecast for third round of RBA QE
Westpac has revised its forecast for RBA's Bond Purchase Program, now expecting the second A$100 billion bond-buy...
Published on : 26 Mar 2021 , 11:19 AMAOFM’s auction of June 2031 Australian govt bonds performs well
AOFM’s auction of A$1 billion of 1.5% June 2031 bond today generates relatively strong demand with weighted ave...
Published on : 05 Mar 2021 , 11:12 AMAOFM’s auction of June 2031 Australian govt bond eyed
The results of the AOFM’s auction of A$1 billion of 1.5% June 2031 bond today will be an interesting one, given...
Published on : 05 Mar 2021 , 10:26 AMGreater interest in ASX’s Bond Basket for September 3-Yr Bond Futures
More than usual interest this time in the bond basket for ASX’s September futures contract for three years. The...
Published on : 04 Mar 2021 , 11:11 AMRBA succeeds in driving 3-year yield down at bond-buying auction today
The RBA's aggressive buying of bonds for second consecutive day under the 0.1% three-year yield target polic...
Published on : 26 Feb 2021 , 02:52 PM