The Westpac-Melbourne Institute Consumer Sentiment index in Australia rose 2.9% to 82 in October 2023 from 79.7 in September, hitting the highest level in six months but is still in deeply pessimistic territory, consistent with a continuation of the contraction in per capita spending seen since late last year. While there are some faint glimmers of hope around family finances and the outlook for jobs, these are being overshadowed by still-high inflation and renewed rate rise concerns. The RBA’s extended pause on rate hikes continues to see only a muted lift in sentiment, with consumers remaining wary of the potential for more rate rises in the months ahead. The component sub-indexes were again a mixed bag in the month, with family finances still clearly under intense pressure despite a marginal improvement, and no change in downbeat near-term expectations for the economy. Labour market conditions remain a notable source of support. source: Westpac Banking Corporation, Melbourne Institute
With consumer spending and morale still at a low, the chances are, if your lease is coming up for renewal, you will be wanting to secure the best outcome possible for your new lease term.
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