Australia: Consumer sentiment drops in August
The Westpac-Melbourne Institute consumer sentiment index fell to 104.1 in August from 108.8 in July. However, sentiment remained above the 100-mark, indicating that there were more optimists than pessimists among Australian consumers.
August’s drop came on the back of weaker expectations of family finances in the next 12 months and assessments of family finances compared to one year ago as well as less optimistic expectations over the economy in the next 12 months. Moreover, unemployment expectations worsened, as did expectations over the economy in the next five years.
FocusEconomics panelists are still assessing the latest developments.