Australia Consumer Sentiment Drops on Mounting Rate-Rise Fears

Australia’s consumer sentiment fell on concerns that borrowing costs are set to begin climbing this year, intensifying pressure on highly-indebted households already struggling with soaring gasoline prices.

Consumer sentiment slid 1.3% to 100.8 points in February, Westpac Banking Corp. said in a statement Wednesday. The survey showed the proportion of respondents expecting an increase in mortgage rates over the next 12 months lifted to 66% from 55% in January.