A fall of 1.2% m/m after last month's +0.4% m/m

  • August the ninth consecutive month where pessimists are outnumbering optimists

Via WPAC commentary (in brief):

  • survey detail suggests increased pressures on family finances; concerns around interest rates; and housing affordability in NSW and Victoria are more than outweighing increased confidence around jobs
  • Despite the bleak picture around current finances, consumer expectations are more upbeat
  • the weak picture on current finances appears to be affecting consumer attitudes towards major purchases
  • Some of the softening in sentiment in August may be a delayed reaction to recent mortgage rate increases

--

The Australian dollar has been dripping lower the past half hour or so: AUD/USD back under 0.7900 - Kent will be happy