The hurt of rapidly rising interest rates has now been made bearable, mainly due to increasing job security because of the sudden and expected decline in the rate of unemployment over the recent months,

Latest data published on Wednesday revealed that consumer confidence actually managed to rise during the month of March, despite the fact that the interest rate was lifted once again last week, which came as the fourth increase in a mere six months.

Bill Evans, the Westpac Chief Economist, shared that the 0.2% rise in the Westpac-Melbourne Institute consumer sentiment index during March was a "solid result", while the decline in the rate of unemployment, on the other hand, to 5.3% from 5.4% managed to "soften the blow" of rapidly rising interest rates.

"History suggests seven per cent is a significant threshold mortgage rate for consumers. We may be nearing the point where confidence becomes much more sensitive to increases in interest rates", Mr. Evans said.

On Thursday, the Australian Bureau of Statistics will be releasing its labor force report for the month of February. Economists have predicted a hike of 10,000 in the number of employed people.