[Sydney 11 Reuters]-The Australian Consumer Confidence Index in September, published by the Melbourne Institute and Westpac Bank <WBC.AX>, fell 1.7% from the previous month. In August, it was up 3.6%. In September, the index was 98.2, indicating that pessimistic responses exceeded optimistic responses in the index calculation survey. Compared to the same month last year, it decreased by 2.3%.
Despite signs of recovery in the housing market, concerns over the immediate economic outlook were added. This was disappointing for the Reserve Bank of Australia (Central Bank), which cut its policy rate in June and July in an attempt to boost private consumption.
The survey was conducted on 1200 people. According to it, the index that shows the outlook for economic conditions for the next year will drop 3.1%. Respondents' views on the situation themselves deteriorated, and the index indicating the household situation compared to a year ago fell 2.5%, and the index showing the household outlook for the next year dropped 2.2%.
In addition, the index to determine whether it is a suitable time to purchase large products fell 2.8%, which was a negative factor in the retail sales outlook.
The index for measuring whether it is a suitable time for housing purchases also dropped 2.9% from the previous month. However, it rose 19% year-on-year.
Sydney and Melbourne have seen signs of bottoming in house prices in recent months, and demand for auctions has improved significantly.
