Economic Buzz: Australia consumer sentiment hits 3-year high

Australia?s Westpac-Melbourne Institute Consumer Sentiment Index surged 5.7% in August to 98.5, the strongest reading since February 2022. The rebound was supported by the Reserve Bank?s 75bps rate cuts this year and a more positive policy tone. All key components rose, with family finances up 6.2%, the 12-month economic outlook jumping 7.6% to 101.2, and the 5-year outlook gaining 5.4% to 98.4.

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