Australia: Consumer sentiment dips in October
The Westpac-Melbourne Institute consumer sentiment index decreased to 83.7 in October from 84.4 in September. Therefore, sentiment moved further below the 100-mark, indicating that there were more pessimists than optimists among Australian consumers.
October’s drop came on the back of deteriorated households’ expectations over the economy in the next 12 months and five years. Moreover, expectations over family finances in the next 12 months weakened. On the flip side, willingness to buy major household items strengthened somewhat.
FocusEconomics panelists are still assessing the latest developments.