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Analysts at TD Securities note that the markets ignored Australia’s Westpac Consumer sentiment print for July even though confidence fell to 2yr lows, -4%/m.

Key Quotes

“The survey covered the period after the A$158b in tax cuts were legislated and the RBA cut the cash rate earlier this month. We had anticipated bounce but there were substantial falls in expectations about personal finances and the economy over the next year. Sentiment amongst mortgage holders dropped 3% and concerns about unemployment lifted sharply in NSW, Vic and WA.”