Consumer sentiment increases 0.4 per cent

Aussies may be more inclined to purchase goods with their low rate credit cards this month compared with September, as the latest consumer sentiment report has shown an improvement in confidence.

The study by the Westpac Melbourne Institute showed that the index was at 97.2 in October, up from 96.9 the month before, which represents a 0.4 per cent improvement.

Bill Evans, chief economist at the bank, reiterated his forecast that interest rates are likely to be cut by the Reserve Bank of Australia (RBA).

"On July 15th Westpac signalled a likely rate cut by the board meeting in December. That remains our call while noting that the possibility of a move in November is quite real," he stated.

Earlier this month, Detective Superintendent Brian Hay, from the region's Fraud and Corporate Crime Group, told reporters that consumers could benefit from having credit cards that can only be used within Australia as this would reduce the number of people that fall victim to fraud, reported the Australian Associated Press.

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