Analysts at TD Securities note that the Australian Consumer Sentiment fell 1.7% m/m in September following a 3.6% increase in August.
“Nearly all sub-components of the index registered losses on the month with current conditions falling 2.7% m/m and the Economy 1 year ahead falling the most -3.1% m/m. This is a disappointing outcome considering back to back rate cuts in June/July and tax offset payments beginning to hit accounts. This follows softer NAB business sentiment yesterday. However the ‘time to buy a dwelling’ index remained near 5yr highs.”