22 Sep 2014

Consumer confidence remains high

10:52 am on 22 September 2014

The latest survey has found consumer confidence has eased again, but remains high.

The Westpac-McDermott Miller quarterly Consumer Confidence Index fell 5 points to 116 point 7 in the September quarter.

A reading above 100 indicates optimism.

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Westpac economists said rising interest rates might be starting to be felt by households, while slowing economic growth may also be weighing on their minds.

The survey, taken between 1 September and 12 September, polled 1555 people, and has a margin of error of 2.5 percent.

Near term economic optimism fell from a net 31 percent to 18 percent, while longer term economic optimism edged down, from 30 percent to 29 percent.

Households are also more downbeat about their own financial situation. A net 0.1 percent said their finances have deteriorated in the past year, and few people thought their finances would improve in the coming year.

Fewer respondents also felt it was a good time to buy a major household item, a net 26 percent, while more people said they would use a $10,000 cash windfall to repay debt.

The survey was conducted in early June.