Australian consumer mood sours, bets rise on steeper rate cuts

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Australian consumer mood sours, bets rise on steeper rate cutsAustralian consumers turned gloomier in September as concerns about their personal finances eclipsed signs of a modest recovery in the housing market, underlining why markets are betting on more rate cuts to support a flagging economy. Wednesday's survey by the Melbourne Institute and Westpac Bank showed its index of consumer sentiment slipped 1.7% in September, after gaining 3.6% in August, and at 98.2 indicated pessimists outnumbered optimists. The dour figures come a day after a separate survey found momentum in the corporate sector was weakening with measures for business conditions and confidence both falling to below average levels.

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