Australian monthly consumer confidence for September falls 1.5% m/m to 79.7

Westpac - Melbourne Institute Consumer Confidence for September 2023 falls 1.5% from August to to dismal 79.7.

• Numbers under 100 mean that pessimists outnumber optimists in the survey
• the index has been below 100 mark since March 2022, the longest streak since the early 1990s recession

Westpac comments:

• "The strong message from the survey detail is of ongoing intense pressures on family finances."
• "The cost of living remains the key negative for confidence in this cycle. While the 'threat' of rising rates is expected to ease further, a sustained recovery in confidence will only emerge when households are much more comfortable with the cost of living."

Earlier we had the equally dismal weekly sentiment number:

• Australia data - ANZ Roy Morgan weekly consumer confidence 77.6 (prior 78.7)

More:

The Westpac-Melbourne Institute Unemployment Expectations Index gained 2.8% to 130.8 points in September. The long-run average for this is 129 points. An indication of a small softening in the jobs markets.