November 12, 2019 / 11:45 PM / a month ago

Australian consumers turn slightly less gloomy in Nov -survey

SYDNEY, Nov 13 (Reuters) - Australian consumer sentiment rebounded somewhat in November after a gloomy turn in the previous month, with a key gauge showing a lighter mood on family finances and the economic outlook.

Wednesday’s survey showed the Melbourne Institute and Westpac Bank index of consumer sentiment bounced 4.5% in November, from October when it slid 5.5%.

The index was still down 7.0% from a year earlier, and at 97.0 indicated pessimists continued to outnumber optimists.

The results of the survey of 1,200 people will be of some relief to the Reserve Bank of Australia (RBA), which has cut interest rates to a record low 0.75% in part to support consumer demand.

Westpac chief economist Bill Evans noted the survey showed a pattern of sliding in months where the RBA cut rates, only to bounce the month after, suggesting consumers had been spooked by the moves. (Reporting by Wayne Cole; Editing by Sam Holmes)

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