India, Aug. 19 -- Australia's consumer confidence improved to a three-and-a-half year high in August as the central bank is expected to lower interest rates further after a third reduction this year, monthly survey results from Westpac showed on Tuesday.
The Westpac-Melbourne Institute Consumer Sentiment Index rose to 98.5 in August from 93.1 in July.
The improvement followed a further reduction in interest rates by the Reserve Bank of Australia. With the latest 25 basis points cut, interest rates dropped by 75 basis points since the start of the year.
Moreover, the bank forecast suggested that interest rates will likely need to be a little lower to keep the economy on track. This has reinforced expectations that mortgage interest rates ...