Fashion
Australia’s consumer sentiment hits six-month low amid inflation fears
The October index read is now at firmly pessimistic levels, albeit still well above the very weak reads seen during the extended ‘cost-of-living’ crisis, according to Westpac.
Australia’s consumer sentiment fell to a six-month low, with the Westpac–Melbourne Institute Index dropping 3.5 per cent to 92.1 in October.
Inflation concerns and uncertainty over interest rates have dampened optimism, particularly regarding family finances, which fell nearly 10 per cent.
Despite weaker confidence, job security fears remain limited.
“Consumers appear to have been rattled by recent updates on inflation. ‘Partial’ measures released over the last month suggest annual inflation has lifted back towards the top of the RBA’s 2–3 per cent target range,” said Matthew Hassan, head of Australian macro-forecasting at Westpac in an article titled, ‘Westpac-MI Consumer Sentiment Bulletin’.
Although the Reserve Bank of Australia’s (RBA) decision to hold rates steady in September provided some relief, sentiment remained firmly pessimistic.
The weakening was most pronounced in expectations for family finances, with the ‘family finances, next 12 months’ sub-index plunging nearly 10 per cent to 97.1—its lowest in over a year. Current assessments also fell 4.8 per cent to 82.1, suggesting that the boost from previous rate and tax cuts may be fading.
Short-term economic outlook expectations slipped 2.5 per cent to 89.9, while longer-term views edged up 1.4 per cent to 94. Meanwhile, the ‘time to buy a major household item’ sub-index dipped 1.1 per cent to 97.2, reflecting continued caution in consumer spending ahead of the holiday season.
Despite weaker confidence, consumers remain largely unconcerned about job security. The Unemployment Expectations Index dropped 2.9 per cent to 127.6. That takes the index slightly below its long-run average but still broadly consistent with a stable labour market.
“The Reserve Bank Monetary Policy Board (MPB) next meets on November 3–4. With inflation within the target range and monetary policy still a little on the restrictive side, the next rate move can reasonably be expected to be down. However, the MPB remains cautious, especially after the stronger than expected result for the August CPI indicator, and it will be sensitive to the flow of data from here. A cash rate cut in November is far from assured, though neither is it off the table,” added Hassan. “And the longer the MPB delays further cuts, the more likely it is that it will end up cutting by more than it currently envisages.”
Fibre2Fashion News Desk (SG)
CCPIT has approved 119 activities for Chinese enterprises to participate in US-based exhibitions this year; 30 are over by February, CCPIT spokesperson Wang Wenshuai told in a press conference.
It will also utilise its dedicated working group for foreign-funded enterprises, ensuring that the reasonable demands of US-funded enterprises are met, Wang was cited as saying by a state-controlled media outlet.
The China Council for the Promotion of International Trade will facilitate exchanges and collaboration between Chinese and US firms in investment, trade and technology.
It has approved 119 activities for Chinese enterprises to participate in US-based exhibitions this year; 30 are over by February.
It will also utilise its dedicated working group for foreign-funded enterprises to address US firms’ demand.
CCPIT will use events like the Asia-Pacific Economic Co-operation CEO Summit and the B20 business activities during the December G20 Leaders’ Summit as an opportunity to work with all parties, including the US business community, to build consensus, deepen co-operation and promote inclusive, strong and sustainable growth of the Asia-Pacific and global economies, Wang added.
Fibre2Fashion News Desk (DS)
The package establishes a modern framework for both sides, enabling frictionless access to a market of 460 million consumers in key sectors, delivering economic benefits to both parties.
European Commission President Ursula von der Leyen and Swiss President Guy Parmelin yesterday signed a broad package of agreements aimed at deepening and expanding EU-Switzerland ties.
By aligning standards and rules in closely integrated areas, it will provide legal certainty, simplify trade in goods like medical devices and food products, and ease cross-border supply for businesses on both sides.
By aligning standards and rules in closely integrated areas, it will provide legal certainty, simplify trade in goods like medical devices and food products, and ease cross-border supply for businesses on both sides of the border.
Additionally, it will ensure more consistent rules for individuals who live, work or study across the EU-Swiss border. Switzerland will contribute to the development of legislation in the areas covered by the package and will have the opportunity to influence these rules as they are being designed.
“By modernising and deepening our ties across key sectors, from trade and transport to health and energy—we are strengthening legal certainty, fostering innovation and creating new opportunities for our citizens and businesses,” von der Leyen said in a release from the Commission.
The package includes updates to four already existing agreements, which already give Switzerland access to the EU internal market, regarding air transport, land transport, the free movement of persons and mutual recognition of conformity assessment.
New agreements on food safety, electricity, health and Switzerland’s participation in the EU Agency for the Space Programme were signed. A new agreement introduced a permanent and fair financial contribution by Switzerland to economic and social cohesion within the EU.
Apart from a protocol on parliamentary cooperation, the package includes also a joint declaration on the establishment of a high-level dialogue on the broad bilateral package.
Fibre2Fashion News Desk (DS)
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