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Australia's Consumer Sentiment Rises In October

Australia's consumer confidence rebounded in October, survey data from Westpac showed Wednesday.

The Westpac Melbourne Institute Index of Consumer Sentiment rose 1 percent to 101.5 in October.

Several positives components namely strong economic growth, a solid labor market and ongoing recoveries in the previously weak mining states, helped to stabilize the index.

As a result, the index remained above 100 suggesting that optimists outnumber pessimists.

Concerns around interest rates and house prices are still apparent, Westpac said. The sub-group detail showed sentiment amongst households with a mortgage continued to weaken in October, dipping a further 0.8 percent.

The 'finances vs a year ago' sub-index rose 2.6 percent and remained above levels this time last year.

At the same time, the 'economic outlook, next 12 months' sub-index posted a solid 2.3 percent growth but longer term expectations continued to soften.

The 'time to buy a major household item' sub-index inched up 0.1 percent but was around the lowest levels seen since November last year.

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