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Consumers shrug off recent rate rise

Consumers are not fretting about interest rates to the extent as previously envisaged, according to research conducted by the Melbourne Institute for ING Direct.

Fifty-nine per cent of Australians were ‘not overly concerned’ or ‘not worried at all’ over the last interest rate rise, the Household Saving and Investment Report, for September Quarter 2006, found.

As one of the first studies to investigate how consumers are travelling after the August rate rise, the research indicates that consumers are responding to any threat of economic uncertainty the old-fashioned way – by saving.
Consumers have also adopted sensible attitudes in using their tax cuts, with 16% citing they would save the windfall, while 15% would service their debt and 5% would invest it…..more

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