The Westpac Melbourne Institute Index of Consumer Sentiment has fallen amid rising unemployment. Source: AAP
AUSTRALIA'S rising jobless rate is chipping away at consumer confidence.
Confidence fell by 1.7 per cent from 105.0 points in December to 103.3 in January, according to the Westpac Melbourne Institute Index of Consumer Sentiment.
Although optimists still outweigh the number of pessimists, the index is at its lowest level since July 2013, Westpac chief economist Bill Evans said.
That was despite the January 'holiday effect', he said.
"To the extent that respondents were aware of the announcements, the most important economic event was the release of the December jobs report which showed a shock loss of 22,600 jobs in the month," he said.
The survey's Unemployment Expectations Index increased by 0.7 per cent, following a 4.6 per cent rise in December.
"Higher readings mean more consumers expect unemployment to rise in the year ahead," Mr Evans said.
"The Index shows no signs that respondents are feeling any relief for job prospects despite the Reserve Bank's rate cuts and the recent fall in the Australian dollar.
"There is also some evidence of a cooling in optimism around housing and house prices."
Mr Evans said improving optimism around the world economy and evidence that Australia's housing market was responding to low interest rates meant the Reserve Bank of Australia would keep the cash rate on hold at 2.5 per cent when the board meets on February 4.
But Westpac still sees a case for another cash rate cut this year, he said.
"Evidence from this survey that households are losing a little confidence, the labour market remains very difficult and the confidence boost around housing may be peaking is all consistent with the eventual need for further relief," he said.
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