Australia Consumer Confidence August 2019

Australia

Australia: Consumer sentiment rebounds from negative territory in August

August 14, 2019

The Westpac-Melbourne Institute consumer sentiment index rebounded from a 23-month low of 96.5 in July to 100.0 in June. Therefore, it moved to the 100-point mark indicating that there were as many optimists as pessimists among Australian consumers.

There was an across-the-board improvement in August. Consumers’ expectations over the general economic situation in the year ahead as well as in the next five years improved considerably in August, although stayed slightly pessimistic. Furthermore, consumers’ sentiment regarding their current and future financial situation improved mildly in the same month, reflected in greater willingness to buy a major household item. Lastly, the perception of the housing market continued posting strong improvements in August: The willingness to buy a dwelling rose markedly amid a jump in the house price expectations index. That said, a downtick in unemployment expectations index suggested that Australian consumers continued expecting the unemployment rate to rise going ahead.

FocusEconomics Consensus Forecast panelists expect private consumption to expand 1.8% in 2019, which is down 0.1 percentage points from last month’s forecast. In 2020, the panel expects private consumption to grow 2.3%.


Author:, Economist

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Australia Consumer Confidence August 2019

Note: Index of consumer sentiment; 100-point threshold indicates equal number of positive and negative responses.
Source: Westpac-Melbourne Institute Survey of Consumer Sentiment.


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