Australia's Interest-Rate Cut Fails to Lift Gloom About Economy

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Australia's Interest-Rate Cut Fails to Lift Gloom About EconomyWestpac Banking Corp.’s consumer sentiment index fell 0.6% in June, while Australia & New Zealand Banking Group Ltd.’s weekly report showed a 2% drop, the lenders said Wednesday. Westpac noted that confidence was showing signs of strength in the lead up to the policy easing, but that fell away in the following days -- suggesting respondents were impacted by last week’s GDP data showing the weakest annual expansion in 10 years. “This is a disappointing result,” said Matthew Hassan, Westpac’s senior economist.

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