Australia: Consumer sentiment weakens in October
The Westpac-Melbourne Institute consumer sentiment index dropped to 104.6 in October from 106.2 in September. However, sentiment remained above the 100-mark, indicating that there were more optimists than pessimists among Australian consumers.
October’s dip came on the back of weaker assessments of family finances compared to one year ago as well as less optimistic expectations over the economy in the next 12 months and five years. On the flipside, consumers’ willingness to buy major household items and their expectations of family finances in the next 12 months strengthened.
FocusEconomics panelists are still assessing the latest developments.