Australian Consumer Confidence Rebounds, But Pessimism Persists

Australia's consumer confidence index rose by 6% in August to 88.9 from 83.9 in July, but still remains below its long-run average of 100.2.

The rebound was mainly driven by mortgage holders who breathed easier after the Reserve Bank of Australia left borrowing costs unchanged on August 11.

Despite this improvement, nearly 60% of respondents still expect mortgage rates to rise over the next year, and unemployment expectations rose 4.4% to a three-year high.