Australian Consumers Remain Downbeat About Economic Outlook
The Westpac-Melbourne Institute Consumer Sentiment Index slipped to 84.6 in September from 85.0 in August
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SYDNEY—Australian consumer confidence fell in September amid concerns about job security as economic growth slows to a crawl.
The Westpac-Melbourne Institute Consumer Sentiment Index slipped 0.5% to 84.6 in September from 85.0 in August.
While cost-of-living pressures are becoming a little less intense and fears of further interest rate rises have eased, consumers are becoming more concerned about where the economy may be headed and what this could mean for jobs, said Westpac’s Head of Australian Macro-Forecasting, Matthew Hassan.
Consumers remain concerned about rising inflation, which is stoking concerns that interest rates may rise further, Hassan added.
The report comes a week after data showed the economy barely registered a pulse in the second quarter as consumer spending dropped sharply.
On-year GDP growth in the second quarter was the weakest since the early 1990s, excluding the pandemic years.
At the same time, the Reserve Bank of Australia continued to signal that interest rate cuts are unlikely in the near term, while adding that under certain circumstances a further hike in interest rates may be needed.
The RBA remains concerned about price growth, with core inflation remaining stubbornly elevated at nearly 4.0% on year in the second quarter.
Still, while consumers are downbeat, economists expect spending to regather momentum over coming quarters as income tax cuts delivered in July boost household budgets.
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Developers spent Dhs125 billion acquiring land in Dubai across the first seven months of 2026, according to Dubai Land Department data, as companies continued building their inventories of development sites ahead of a new project cycle.
The 7,981 land transactions accounted for approximately 8 per cent of the 99,900 total sales transactions recorded in the period, but a disproportionate 39 per cent of the Dhs321 billion in total real estate sales value — a figure that also includes residential units, villas and buildings. Market activity averaged around 1,140 land transactions a month, worth approximately Dhs17.8 billion.
Me’aisem 2 recorded the highest land-sale value of any area, with Dhs10.4 billion across 544 transactions, followed by Al Yalayis 5 with Dhs7.14 billion across 907 deals. Al Ruwayyah 1 ranked third by value despite just three major transactions, worth a combined Dhs6.3 billion. Palm Jebel Ali, Umm Suqeim I and Al Yalayis 1 rounded out the next tier, while Palm Jumeirah recorded Dhs2.4 billion across 44 deals.
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