A measure of Australia’s consumer confidence fell back in August as people fretted about their finances and the economic outlook despite a run of upbeat data, lower interest rates and government handouts.
The poll of 1,200 people by Westpac Bank and the Melbourne Institute showed its index of consumer sentiment fell 2.5 percent in August to 96.6, so unwinding much of July’s 3.7 percent increase. The index was still up 7.8 per cent on August last year.
"This is a disappointing result," said Westpac chief economist Bill Evans. "There has been enough positive news around since the last survey, and generally over the last few months, to have sustained an upswing in consumer sentiment."
(Source: The Sydney Morning Herald Online)