In August, the index of consumer sentiment published by Westpac and the Melbourne Institute dropped to 96.6 points. The figure was down from the 99.1 points recorded in July, marking the first drop after three consecutive increases and the sixth month in a row in which the index sits below the 100-point threshold that separates optimistic from pessimistic territory. According to Westpac and the Melbourne Institute, the August reading represents a disappointment as it came in amid a flow of positive news and indicator releases since the last survey in July. All components of the index deteriorated compared to the previous month, with the exception of households' short-term expectations (12 months) on their financial situation. Accordingly, the sub-index related to the intentions to purchase major household items deteriorated compared to July.
Australia Consumer Confidence
Sentiment sits in pessimistic territory for sixth consecutive month
August 14, 2012
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Australia Consumer Confidence Chart
Note: Index of consumer sentiment; 100-point threshold indicates equal number of positive and negative responses.
Source: Westpac - Melbourne Institute Survey of Consumer Sentiment.
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.