The October survey date for Westpac / Melbourne Institute consumer sentiment

Last month's result:

  • down 3.0% to a value of 100.5 (above 100 is net optimism, but as you see its barely there)

was the weakest since November of 2017.

Analysts cited as negatives:

  • mortgage rate rises
  • political instability
  • continuing pressure on household budgets from high debt

But, on the plus side:

  • labour market prospects

Westpac preview for today's data:

  • The October survey is in the field from October 1-6. The backdrop looks a little more settled this month, suggesting some of the impact from September's negatives may dissipate.
  • That said, global trade tensions, slipping house prices and sluggish income growth will remain negatives for sentiment.