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Financial News: Australia's Consumer Sentiment Deteriorates In September

Australia's Consumer Sentiment Deteriorates In September

09/12/2018 - 00:39:00 (RTTNews)

(RTTNews) - Australia's consumer confidence deteriorated in September reflecting political instability and rises in mortgage interest rates, data from Westpac showed Wednesday.

The Westpac Melbourne Institute Index of Consumer Sentiment declined 3 percent to 100.5 in September. This was weakest since November last year.

Although the index remained in positive territory, the reading was just above the 100 level.

Data suggested that confidence has been affected by increases in mortgage interest rates, political instability and household budget pressures.

All sub-indices recorded declines in September with the 'economic outlook, next 5 years' showing the biggest move, a 5.8 percent decrease.

Consumer views around family finances remained notably weaker. The 'finances vs a year ago' and 'finances, next 12 months' sub-indexes both registered 3.6 percent falls in September.

Westpac said aside from the rise in mortgage interest rates, household budgets were also coming under persistent pressure from slow growth in wages, declining house prices in Sydney and Melbourne and the rising cost of petrol.

Further, data showed that consumers remained relatively downbeat on spending. The 'time to buy a major household item' sub-index declined 2.2 percent in September.

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