RBA’s Stevens Sees End to ‘Gloomy’ Australian Consumer

Reserve Bank of Australia Governor Glenn Stevens said the nation’s subdued household spending will likely rebound “at some point” as consumers gain confidence in the sustainability of mining-led growth.

“As a better sense of the degree of persistence is gained, people will probably be more confident to spend than perhaps they are just now,” he said today in Sydney. “It is entirely possible that, were some of the current raft of uncertainties to lessen, the mood could lift noticeably, so I don’t think we need to be totally gloomy.”