Australia Consumer Sentiment Weakens In December

(RTTNews) - Australia's consumer sentiment weakened in December, survey results from Westpac showed Tuesday.

The Westpac-Melbourne Institute consumer sentiment index fell to 94.5 from 103.8 in November.

Data showed that views on economic outlook and family finances deteriorated in November. The 'family finances vs a year ago' sub-index fell 5 percent to 80.9. At the same time, the 'family finances next 12 months' sub-indicator dropped 6.1 percent to 102.4.

The 'economic conditions next 12 months' index declined to 94.6 from 104.8 a month ago. Likewise, the 'economic conditions next 5 years' gauge slid to 95.7 from 108.4 in the prior month.

The 'time to buy a major household item' sub-index slid to 98.9 from 111.6 in November.

Homebuyer sentiment fell in December, consistent with consumers' more hawkish outlook for interest rates. The 'time to buy a dwelling' index slipped 10.6 percent to 86.2 in December.

The interest rate expectations index climbed to 145.5 from 119.1 in the prior month. Consumers were broadly unfazed about prospects for the labor market. The Westpac- Melbourne Institute Unemployment Expectations Index declined 9.1 percent to 126.8 in December.

The house price expectations index dipped 1.5 percent in December to 169.9.