CANBERA (dpa-AFX) - The U.S. dollar drifted lower against its major counterparts in the European session on Wednesday, as inflation fears reduced a bit after data showed that the nation's prices
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Sydney housing sentiment holds up in lockdown By Malavika Santhebennur 28 July 2021
Consumer sentiment around Sydney housing dipped only marginally, hinting at a disconnect between concerns about lockdown and attitudes towards housing, according to Westpac.
The Westpac-Melbourne Institute Index for July 2021 has revealed that the “time to buy a dwelling” index increased from 96.1 in June 2021 to 96.9 in July 2021.
This has reversed recent trends where the index had declined for five consecutive months and had shown significant signs of stress and was in pessimistic territory for the first time since April 2020.
Despite the slight monthly uptick, the index has remained significantly lower (26.5 per cent) from its peak in November, reflecting concerns about the impact of steep house price rises on affordabil
MacroBusiness
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That’s the message from today’s Westpac consumer sentiment release:
• The Westpac-Melbourne Institute Index of Consumer Sentiment rose by 1.5% to 108.8 in July from 107.2 in June.
The survey was conducted over the week of July 5–9, during the lock-down in Sydney and restrictions in regional NSW but before the tightening of restrictions announced on July 9.
Confidence has held up overall despite a sharp fall in NSW as other states – notably Victoria and Western Australia – recorded strong bounce-backs from COVID-related disruptions in June.
The main takeaway is that concerns around the current virus outbreak and associated restrictions in NSW are not spilling over to the rest of the country. This contrasts with Victoria’s ‘second wave’ outbreak in August last year which weighed heavily on sentiment across the rest of the country.
Economic ‘pothole’: Banks, economists warn Sydney lockdown will hit GDP, employment
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The country’s biggest bank and top analysts are warning the Sydney lockdown will shrink the national economy and could leave thousands unemployed, with some predicting the restrictions will be extended beyond the extra two weeks announced on Wednesday.
The Commonwealth Bank, AMP and Deloitte Access Economics are among those forecasting a significant hit to national GDP on the back of the lockdown, but most expect an economic rebound when restrictions ease up.