Consumer sentiment has improved significantly in October, as measured by the Westpac-Melbourne Institute Consumer Sentiment Index .
At 89.8 it was the strongest reading since May 2022, and 5.3 points higher than September. While still in pessimistic territory, expectations have been boosted by overseas interest rate cuts, and signs of easing inflation locally. Over 50% of those surveyed now expect mortgage rates to be unchanged or lower in the year ahead. The improved interest rate and economic outlook of consumers has also eased unemployment fears.
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