The Westpac–Melbourne Institute Consumer Sentiment Index rose 0.6% MoM to 93.1 in July, though optimism was dampened following the RBA’s surprise decision to keep rates on hold.

• The ‘family finances vs a year ago’ sub-index rose 5.0% MoM, but spiked 12% among those surveyed before the RBA decision; the ‘next 12 months’ sub-index rose 2.6% to 101.4.
• ‘Time to buy a major item’ fell -2.6% to 97.6, while the ‘time to buy a dwelling’ index dropped -5.1% to 88.5, with sentiment weakest in Queensland (69).
• Economic outlook for the next 12 months improved 1.8% to 94.1, but the 5-year outlook fell -2.8% to 93.4 amid tariff-related uncertainty.
• The Unemployment Expectations Index rose 1.1% to 128.7, signaling a neutral-to-weak jobs outlook.
• House Price Expectations dipped -2.2% to 162.8, but 75% of respondents still expect prices to rise over the next year.