DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/r9xjzw/_annual_market) has announced the addition of the " Annual Market Overview: Future Focus - Australian Retail Banking Report" report to their offering.
The Australian economy continued to grow over 2013, with GDP increasing by 2.8% over the 12 months to December 2013. However, this represented a large decrease from growth rates as high as 4.0% in early 2012. Looking ahead, there are some indications that Australian economic growth will be sluggish over 2014, largely as a result of a transition from mining-led demand growth to broader private demand growth. The general expectation for the cash rate is that it will remain on hold at 2.50% until late 2014 or early 2015. High levels of unemployment as well as growing consumer concern regarding the long-term Australian economic outlook, especially given the end of the mining boom, are other factors that are likely to affect consumer sentiment in 2014.
Looking at consumer behaviour, the past year or so has seen consumer confidence rising and appetite for debt increasing. As the savings rate has decreased, the debt to disposable income ratio has increased, with quarter-on-quarter growth recorded since September 2012. The record low cash rate has also created an environment where deposits are no longer as attractive as they once were, especially as an investment product.
While Australians are likely to continue to save as a just in case' measure, consumers are also beginning to look for other higher yield investments, in particular property investments. Regulatory changes, in particular the introduction of comprehensive credit reporting, are likely to shake up the credit card and personal lending markets. Meanwhile, housing affordability will be pulled in both directions by low interest rates and discounted mortgages on one side, and booming property prices on the other.
Features and Benefits
- Examines current macro-economic trends in Australia
- Provides an overview of the current state of the deposit, credit card, personal lending and mortgage markets
- Provides forecasts of key markets for 2014 to 2016
Key Questions Answered
- How has the Australian economic landscape changed over the past 12 months?
- What are the key factors influencing different product markets?
- Which products will see the greatest growth over the next two years?
For more information visit http://www.researchandmarkets.com/research/r9xjzw/_annual_market