The Westpac-Melbourne Institute Index of Consumer Sentiment fell 3% from the prior month, and was 22% down YOY in August. It was the ninth consecutive monthly decline in the index amis surging prices and the prospect of further tightening from the RBA. The index now stands at 81.2, the lowestsince August 2020.

The gauge of the economic outlook for the next 12 months slumped 8% to 73.9, and that for the next five years fell 1% to 90.7.