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- The Westpac Melbourne Institute Index of Consumer Sentiment declined 3% to 100.5 in September from 103.6 in August
The Westpac Melbourne Institute Index of Consumer Sentiment declined 3% to 100.5 in September from 103.6 in August
This is the weakest sentiment read since November last year. While the Index is still in positive territory, it is now only just above the 100 level. The detail suggests that confidence has been affected by increases in mortgage interest rates; political instability and household budget pressures. We expect there has been a partial offset from the strong growth figures which were announced during the survey period last week. It is also encouraging that respondents have boosted their confidence in the labour market with a significant improvement coming in the mining states.
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