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Australia Consumer Confidence Slides In September - Westpac

Consumer confidence in Australia declined sharply in September, the latest survey from Westpac Bank and the Melbourne Institute revealed on Wednesday.

The index tumbled 4.6 percent to a score of 94.0, following the 3.8 percent increase to 98.5 in August.

A score below 100 means that pessimists outnumber optimists.

Analysts suggest that the new federal budget is largely to blame for the decline in confidence.

"The Index is now 5.8 percent below the pre-budget level and only 1.1 percent above the post-budget print," Westpac economist Bill Evans said. "In effect most of the steady recovery we had seen in the Index over the last three months has been eroded."

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