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...

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)