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Australian consumer confidence rises despite concerns about rising interest rates

A survey conducted by the Australian and New Zealand Banking Group (ANZ) and Roy Morgan showed that Australia’s consumer confidence index rose 1.3% last week, its highest level since early June, despite concerns about an interest rate hike by the Reserve Bank of Australia (RBA)

The report said the RBA has raised interest rates since May at the fastest pace since 1994, leading to a decline in home prices. Consumer spending has remained strong so far.

ANZ said the Housing Status Survey showed that the homeowner confidence index rose last week and is now higher than before the RBA raised interest rates.

The confidence index of people paying interest on mortgages has fallen 19% since the RBA first raised rates in May.

The current and future financial confidence indexes rose for the fourth consecutive week to 1.1% and 2.6%, respectively, their highest levels since late May.

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