According to Jinshi Data, CreditorWatch chief economist Cole Houn said that a survey by Westpac-Melbourne Institute showed that Australia's consumer confidence index rose 5.3% in November, reaching a two-and-a-half-year high.
The increase likely reflects the beneficial impact of the government's July 1 income tax cuts and market expectations that interest rates will not rise further. However, there was not much evidence in the data to support a rate cut by the Reserve Bank of Australia anytime soon.
