Australian Consumer Sentiment Falls to 80.4
The October survey fell 4.7 per cent from September. Responses collected after the Reserve Bank decision were sharply lower than those recorded earlier in the week.
The Westpac and Melbourne Institute Consumer Sentiment Index fell 4.7 per cent to 80.4 in October, from 84.4 in September. The survey covered 1,200 adults between 28 September and 1 October. Responses from the 60 per cent surveyed before the Reserve Bank of Australia announced its latest rate rise scored 86.9. Among the 40 per cent surveyed afterwards, the reading was 67.2. Westpac said the gap between the readings was the largest since daily responses began being tracked in 2019.
Westpac said higher fuel prices and interest rates were weighing on household finances. The before-and-after split is descriptive, so it does not isolate the rate decision as the sole cause. The Sydney Morning Herald independently reported the overall 80.4 reading and said more than 80 per cent of respondents expected mortgage rates to rise over the next year.
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