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VIEW: Citi More Optimistic On 2023 Outlook For Households

AUSTRALIA

Citi analysts are upbeat on the retail outlook for Australia, according to The Australian, and predict spending to exceed expectations. They also do not think that the refinancing of fixed rate mortgages this year is going to be the consumer crisis others expect, as robust incomes and savings should be enough to cushion the increase in mortgage payments.

  • Citi estimates that 10% of housedholds will need to rollover fixed rate mortgages and that 60% of them are in the “two highest income quintiles”. “Therefore, low to middle income earners facing this mortgage cliff represent only about 4 per cent of all households."
  • They also believe that “travel normalisation” is going to continue to have a big impact on expenditure.
  • According to Citi, retail inventories are in line with averages, global freight rates are moderating and that China may be reducing its prices to attract demand in a challenging global environment.
    - The Australian
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