Australians expected to save rather than spend

Note: This section contains information in English only.
Source: Bloomberg
© Scanpix/AFP
Gail Kelly, CEO of Westpac Banking Corp, claimed the additional money gained coming from central bank's interest rate cut most likely will be used either to increase savings or to repay loans. She indicated that Australian consumers currently are very cautions towards extra spending. Kelly suggested the Reserve Bank of Australia should apply further repo reduction. According to her, Australia economy will experience growth when consumers and businesses regain confidence.

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Mon, 07 Nov 2011 16:26:47 GMT

Treasure notes gain recognition among investors

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