Australia: Consumer confidence tumbles in September
September 9, 2015
The Westpac-Melbourne Institute Survey of Consumer Sentiment dropped from 99.5 in August to 93.9 in September. The result almost completely erased August’s gain and the index is now well below the 100 threshold that separates optimistic from pessimistic territory for 17 of the last 19 months.
The institute acknowledged that unlike August’s, gain the result in September was not surprising. September’s deterioration was attributed to concerns over both international and domestic events, including financial market volatility, weak economic data from China, disappointing growth in Australia and a weakening currency.
Author: Robert Hill, Economist