Australia consumer confidence declines in November, underlying trend remains positive

Consumer confidence in Australia declined during the month of November, falling for the first time in four months. However, the underlying trend remained positive within the economy that has been growing faster than many of its advanced industrialized peers.

The Westpac-Melbourne Institute survey of consumer sentiment declined 1.1 percent in November following a gain of 1.1 percent the prior month. Westpac’s consumer confidence survey is based on responses from approximately 1,200 adults aged 18 and over from across Australia. The survey is normally conducted in the first four days of each month.

Further, consumer spending, which accounts for more than half of Australia’s gross domestic product (GDP), has been on a gradual downtrend since the start of 2014.

Meanwhile, last week, the Australian Bureau of Statistics said retail sales rose at a seasonally adjusted 0.6 percent in September. The gain was stronger than expected and the largest since October 2015. Compared to a year earlier, Australian retail sales rose 2.8 percent, official data showed.