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Reuters
19 hours ago
- Business
- Reuters
Australian consumers give muted cheer to lower interest rates
SYDNEY, June 10 (Reuters) - A measure of Australian consumer sentiment inched higher in June as a cut in interest rates gave only a limited lift to finances and the economic outlook, though there was a pick up in buying intentions. A Westpac-Melbourne Institute survey showed on Tuesday its main index of consumer sentiment edged up 0.5% in June, following a 2.2% rise in May. The index was 10.8% higher than a year earlier at 92.6, though being below 100, that meant pessimists still outnumbered optimists. The Reserve Bank of Australia cut interest rates by a quarter point to 3.85% in mid-May and sounded open to further easing should inflation continue to slow as expected. Data out last week underlined the need for stimulus as the economy barely grew in the first quarter as households chose to save more rather than spend, while the government cut back spending after a long run of increases. "On the positive side, the RBA's May interest rate cut and moderating inflation are providing significant boosts, particularly around buyer attitudes towards major purchases," said Matthew Hassan, Westpac's head of Australian macro-forecasting. "But against this, more sluggish growth reads domestically and the unsettled situation around global trade are continuing to weigh heavily on expectations." The survey found respondents were cautious about their personal finances for the year ahead, with the index falling 1.9%, while the economic outlook for the next 12 months slipped 2.4%. The one bright spot was the index on whether it was a good time to buy a major household item which climbed 7.5%, leaving it almost 26% higher than a year earlier.
Sydney Morning Herald
03-06-2025
- Lifestyle
- Sydney Morning Herald
‘It would be weird if she left': The pleasure and pain of adult kids at home
'It will take a stick of dynamite to get me out of my parent's house,' Matthew McConaughey famously says in the 2006 film, Failure to Launch. And while his man-child character was played for laughs, staying in the family home long into adulthood is no longer a far-fetched Hollywood plot. As many as 50 per cent of 18 to 29-year-olds are living at home with their parents, according to the latest Household, Income and Labour Dynamics (HILDA) survey by Melbourne University's Melbourne Institute. And it's not just the cost of living keeping the generations under the same roof. Demographers claim the milestones of adulthood – graduating higher education, marrying and having children – are now happening later in life. Add to this the financial strain that comes from the rising cost of housing and you find children are entering adulthood, but staying put. For those who have experienced the 'under my roof' lecture, the potential intergenerational tension is real. Loading Mikaela Binns-Rorke, 21 lives at home board-free with her mum, Natalie Binns, and her mum's partner, Jim Shields. The young actor is responsible for keeping her room, bathroom and living area clean and tidy and she helps out on household chores whenever she can. 'I often have to remind her about this side of the arrangement,' says Binns. 'She has witnessed her friends in share housing and that has been an eye-opener for her with all the expenses; I think she knows she has it pretty good here.' Chief executive of Relationships Australia NSW, Elisabeth Shaw, says the organisation is seeing a growing number of family groups seeking guidance around young adults living at home. She says there are ways to reduce the household tension, or eliminate it altogether.
The Age
03-06-2025
- Lifestyle
- The Age
‘It would be weird if she left': The pleasure and pain of adult kids at home
'It will take a stick of dynamite to get me out of my parent's house,' Matthew McConaughey famously says in the 2006 film, Failure to Launch. And while his man-child character was played for laughs, staying in the family home long into adulthood is no longer a far-fetched Hollywood plot. As many as 50 per cent of 18 to 29-year-olds are living at home with their parents, according to the latest Household, Income and Labour Dynamics (HILDA) survey by Melbourne University's Melbourne Institute. And it's not just the cost of living keeping the generations under the same roof. Demographers claim the milestones of adulthood – graduating higher education, marrying and having children – are now happening later in life. Add to this the financial strain that comes from the rising cost of housing and you find children are entering adulthood, but staying put. For those who have experienced the 'under my roof' lecture, the potential intergenerational tension is real. Loading Mikaela Binns-Rorke, 21 lives at home board-free with her mum, Natalie Binns, and her mum's partner, Jim Shields. The young actor is responsible for keeping her room, bathroom and living area clean and tidy and she helps out on household chores whenever she can. 'I often have to remind her about this side of the arrangement,' says Binns. 'She has witnessed her friends in share housing and that has been an eye-opener for her with all the expenses; I think she knows she has it pretty good here.' Chief executive of Relationships Australia NSW, Elisabeth Shaw, says the organisation is seeing a growing number of family groups seeking guidance around young adults living at home. She says there are ways to reduce the household tension, or eliminate it altogether.
