Jobs Data Helps Lift Consumer Confidence + More Rate Cuts!

Consumer confidence has hit its highest point since December after last week's strong jobs data.

The ANZ-Roy Morgan Australian Consumer Confidence index jumped by 3.6 per cent to 119.5 last week, well above its four-week average 115.7.

ANZ head of Australian economics David Plank said the strong performance was a result of encouraging economic news from China and healthy local jobs data.

Australia's unemployment rate rose 0.1 percentage points in March to a seasonally adjusted 5.0 per cent, but full-time employment rose by 48,300 during the month.

Also, further to my article last week, more lenders have dropped their rates, are you on the best rate you could possibly be?

Australia’s fifth largest home loan lender, ING, has dropped rates on several fixed home loans by up to 0.19 per cent.

The rate cuts affect ING’s 2, 3 and 5-year fixed home loans for owner-occupier customers paying principal and interest.

RateCity data shows almost half of all leaders have cut fixed rates on over 500 products since the beginning of the year.

Sally Tindall, research director at RateCity.com.au, said the move from ING came on the back of fixed rate cuts from three of the big four banks over the last two weeks.

“Now that CBA, Westpac, NAB and ING have slashed fixed rates in recent weeks, other lenders may be forced to consider cutting their rates to maintain a competitive edge,” she said.

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Hope you’ve had a good Easter break and enjoying this shorter week, catch you next week

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Troy