Economic Buzz: Australia Westpac Consumer Confidence Rise 3.9% In September

13 Sep 2022 , 12:48 PM

Australias consumer sentiment improved for the first time in ten months in September, survey data from Westpac showed. The consumer sentiment index rose by 3.9 percent to 84.4 from 81.2 in August. Four of the five sub-indexes recorded gains in September. The sub-index tracking assessments of family finances vs a year ago was the only one to record a fall, down 4.8 percent to a 10-year low of 68.6. That was offset by a better outlook for the family finances, next 12 months sub-index, which climbed 4.7 percent to 92.3. The time to buy a major household item moved up 2.8 percent but still at a very weak level of 83.7 in September, the survey showed. Consumer views on the economic outlook also improved. The economy, next 12 months sub-index posted a particularly strong 12.5 percent surge and the economy, next 5 years sub-index was up 4.2 percent to 94.5 in September. Housing-related sentiment improved slightly in September. The time to buy a dwelling index lifted 2.9 percent to 80.5. But the index was still down 39 percent from its peak in November 2020. The index of house price expectations gained 3.6 percent to 100.6, nudging back into slight positive territory. Meanwhile, the unemployment expectations index dipped below 100 again in September, meaning consumers expect unemployment to fall rather than rise over the next 12 months.Powered by Commodity Insights