Retailers in Australia hoping that two consecutive months of interest rate cuts will prompt consumers to lift their spending habits may be disappointed.
A new survey by mortgage provider Loan Market has found that just 15 percent of consumers are spending the extra cash from reduced loan repayments as a result of interest rate cuts in May and June.
"While consumers and home owners are always looking for interest rate relief, the latest round of cuts has yet to influence the cautious and subdued mindset of Australians,’" Loan Market corporate spokesman Paul Smith said on Tuesday.
(Source: The Sydney Morning Herald Online )