Consumer confidence in Australia registered a surprise jump in November. Experts feel that the interest rates cuts in the recent times have led to rise in consumer confidence. The Westpac-Melbourne Institute consumer sentiment index registered a gain of 5 per cent in November, touching 104.3.
The level higher than 100 suggests that there are more optimistic consumers compared to pessimists.
A couple of surveys recorded a reduction in the consumer confidence recently.
This is the second quarter that the Westpac McDermott Miller Consumer Confidence index has fallen in a row, decreasing by almost 6 points to down 108 over the past three months ended December, in the process achieving its lowest level since 18 months.
A rating more than 100 implies that the number of optimists is more than that of pessimists.
Chief executive of Westpac, George Frazis has peaked executive take-home pay graph, making $5.59 million through the Australian- hold bank. The yearly remuneration of Mr Frazis, who has subsist with the bank ever since March previous year, is exposed in the bank's yearly 2010 report.
Westpac Banking chops down subsequent to detaching its dividend and SkyCity Entertainment plummet following its conquest offer was rejected, rapidity decliners on the bourse of New Zealand.
The NZX 50 Index rimmed downward by 0.03 percent or 1.13, to 3320.63 as at midday, having turned down in three of the precedent four meetings. A quantity of 23 stocks was untraded or unaffected, whilst 16 knocked down and 11 climbed.
After RBA gave its decision and the Commonwealth Bank became high and dry season, Westpac is still standing undecided whether to change the key lending rates or not.
CEO of the second largest bank in Australia, Gail Kelly said that they have not yet taken any decision about the rates and that it would be some time before they do that.
A rise in tax paid profit has been reported by Westpac New Zealand which stands at $322 million. This is 36 per cent higher than last year which has happened because of the huge reduction of impaired loans.
Looking at the result, the bank said that this is a pleasing turnaround after the long period of economic slowdown.