In September, the index of consumer sentiment, published by Westpac and the Melbourne Institute, jumped to 96.9 points, which was up from the 89.6 points recorded in August and marked a recovery in the index after four consecutive drops. Despite the improvement, the index idled below the long-term average of 100 points for a third consecutive month. According to Westpac and the Melbourne Institute, the result came as a surprise and was largely driven by the Central Bank's dovish stance towards future interest rate increases. In addition, consumer sentiment was boosted by the release of the Q2 GDP results, which point to a recovery of the Australian economy. All sub-components of the index improved in September. The component that rose most notably was the one related to the economic situation in the next 12 months. That said, households' expectations regarding their future personal financial situation also improved strongly. Accordingly, households' willingness to purchase durable goods rose by 3.2% over the previous month's survey.
Australia Consumer Confidence
Consumer confidence picks up after four consecutive drops
September 14, 2011
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Australia Economic News
October 12, 2016
The Westpac-Melbourne Institute Survey of Consumer Sentiment increased 1.1% in October as the index rose from September’s 101.4 to 102.4.
October 11, 2016
The business confidence index published by the National Australia Bank (NAB) was stable in September at August’s 6 points.
October 5, 2016
Nominal retail sales inched up 0.4% in August from the previous month in seasonally-adjusted terms, up from July’s flat reading.
October 4, 2016
At its 4 October monetary policy meeting, the Reserve Bank of Australia (RBA) kept its policy rate steady at an all-time low of 1.50% after cutting its rate by 25 basis points twice this year, once in May and once in August.
September 15, 2016
The labor market lost 3,900 net new jobs in August compared to the previous month in seasonally-adjusted terms.