Westpac released its July Red Book late Friday and the news is good for Australia with consumer attitudes swinging decisively away from the temptations of low interest rates. The sub-index tracking views on 'time to buy a major household item' declined marginally by 1.7% in July but remained at an elevated level. Similarly, consumer optimism on 'time to buy a dwelling' was shaken with the index falling 8.4%. According to Westpac, this enables the RBA to cut rates again in August to continue to pressure the currency, which should be the main source of the recovering. (VIEW LINK)
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