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Financial News: Australia Consumer Confidence Surges In September

Australia Consumer Confidence Surges In September

09/09/2020 - 03:29:00 (RTTNews)

(RTTNews) - Australia's consumer sentiment strengthened in September even though the economy plunged into its first recession since 1992, survey data from Westpac showed Wednesday.

The Westpac-Melbourne Institute Index of Consumer Sentiment climbed 18 percent to 93.8 in September from 79.5 in August.

The indicator logged sharp fall in August in reaction to the deteriorating virus situation in Victoria. But this month's 18 percent rebound was a pleasant surprise, Westpac said.

Among sub-indices, the 'finances vs a year ago' sub-index advanced 3.7 percent higher than this time last year. Likewise, the 'finances, next 12 months' sub-index rose 4.5 percent above the level in September 2019.

On the other hand, there was still extreme nervousness about the near term economic outlook.

The 'economy, next 12 months' sub-index was about 18 percent below its level a year ago, while the 'economy, next 5 years' sub-index grew 2 percent above the level last September.

The 'time to buy a major household item' sub-index although advanced from the previous month, it was still 12.1 percent below the levels of a year ago. The unemployment expectations index climbed 4.2 percent from the same period last year.

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