Report published September 8, 2026

Goldman Sachs: Australia Consumer Sentiment Declines 5.2% MoM in September 2026

Goldman Sachs · September 8, 2026

Australian consumer sentiment dropped 5.2% MoM to 84.4 in September, remaining approximately 12% below its long-term average. The contraction was broad-based across all sub-indices, driven by higher fuel prices, inflation anxiety, and expectations of further mortgage rate hikes.

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Key Takeaways

1.Australian consumer sentiment declined 5.2% mom to 84.4 in September, retracing most of August's 6.0% gain and sitting ~12% below its historical average of 100.1.
2.The decline was broad-based across all sub-components, led by a 9.3% mom drop in current family finance perceptions, driven by rising fuel prices and higher interest rates.
3.Housing sentiment fell sharply with 'time to buy a dwelling' down 10.7% mom to 85.5, while 64% of consumers expect mortgage rates to increase further over the next 12 months.

Bottom line
Main points
Exhibit 1: Consumer sentiment fell 5.2%, retracing August's rise
The Australia and NZ Economics Team

Report data

Exhibit 1: Consumer sentiment fell 5.2%, retracing August's rise

Metric	Estimate	Context
Consumer Sentiment Index	84.4 index points	Headline consumer sentiment level, ~12% below historical average of 100.1
Current Family Finances Index	% mom	Perceptions of current family finances weakened sharply
Future Family Finances Index	% mom	Perceptions of future family finances
Time to Buy a Dwelling Index	85.5 index points	Housing sentiment measure retracing almost all of August's rise
Mortgage Rate Expectations Index	% mom	Expectations that mortgage rates will rise over next 12 months