Australia Consumer Sentiment Rises in August Amid Stable Interest Rates

Australia's consumer sentiment has seen an uptick in August, according to a recent survey by Westpac and Melbourne Institute. The main index of consumer sentiment rose to 88.9 in August, marking a 6% increase from July.

The improvement was largely due to mortgage holders becoming less concerned about further interest rate hikes following the Reserve Bank of Australia's decision to hold rates at 4.35%. This was after three hikes earlier in the year.

The index for mortgage holders surged by 16% in August, while that for renters fell by 2.3%. A measure of current financial and economic conditions also showed solid gains, although the outlook remained weaker.