‘Full impact’ of rate hike ‘yet to flow through’
The Westpac Melbourne Institute Consumer Confidence Index today revealed a sharp drop due to cost-of-living pressures and the prospect of rising interest rates.
Westpac’s Senior Economist Matthew Hassan says this is a “real reaction” as prices continue to rise, however, the “full impact of the rate hike … is really yet to flow through”.
“We’ve got many more interest rate increases to come this year,” he told Sky News host Ross Greenwood.
“It’s still early days … we’re seeing an initial impact from the real increase in prices and the initial move from the RBA, but there’s more to come on that.”
( Source : Sky News Australia Youtube Channel )
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