Westpac Bank revealed its gauge for consumer sentiment in Australia fell 1.2 percent to 95.5 in August. The latest reading marks the fourth consecutive month when the index has been below the 100 level, which separates optimism from pessimism.

Westpac's chief economist, Bill Evans noted, "Much of the weakness is likely to reflect a mix of weak growth in wages, increases in key costs such as electricity and emerging concerns about rising interest rates." "The survey detail suggests increased pressures on family finances; concerns around interest rates; and housing affordability in NSW and Victoria are more than outweighing increased confidence around jobs," he added.