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Red Book bites - a broad based sentiment decline
The Westpac Melbourne Institute Index of Consumer Sentiment fell to 92.8 in October, the lowest level since July 2015 and a cumulative 8.4% decline since the RBA’s easing cycle restarted in June. The fall and suggests that for consumers, concerns about what the very low level of rates is saying about the economy are outweighing any rate cut sentiment boost. Our October Red Book pulls the survey apart in more detail. The key takeaway is that the weakening in sentiment has been broad-based, although there are some notable sub-plots. Expectations have led the decline. While all sentiment components have recorded ... (full story)