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Consumer sentiment in Australia climbed to its highest level in 13 months in September.
The consumer sentiment index published Wednesday by Westpac Bank and the Melbourne Institute increased 5.2 percent in September compared to August, reaching its highest level since July 2007.
The index reading for September was 119.3 compared to the August reading of 113.4, an on-month increase of 29.4 percent in seasonally adjusted terms.
Westpac Chief Economist Bill Evans noted the index has risen 34.4 percent in the last four months, the biggest four-month increase since the index began publication 35 years ago.
He said the result was "extraordinary," and considerably strengthened the case for an interest rate hike by the Reserve Bank of Australia at its next meeting, scheduled for October 6.
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