The Westpac-Melbourne Institute Consumer Sentiment index in Australia fell 2.4% to 82.4 points in April 2024, sliding for the second consecutive month as persistent inflation and high interest rates continued to weigh on Australian households. The index has also held below 100 for over two years, the longest since the early-1990s recession, indicating pessimists heavily outweigh optimists. The 12-month and the 5-year outlooks for the economy slipped 2.7% and 4.4%, respectively. Meanwhile, markets expect the Reserve Bank of Australia to start lowering rates late this year, but robust jobs data and rising house prices clouded the outlook. Matthew Hassan, a senior economist at Westpac said: “The bank’s latest commentary shows it is becoming a little more comfortable that further rate rises will not be required but it is not yet confident enough about the inflation outlook to consider the case for rate cuts.”. source: Westpac Banking Corporation, Melbourne Institute

Consumer Confidence in Australia decreased to 82.40 points in April from 84.40 points in March of 2024. Consumer Confidence in Australia averaged 100.51 points from 1974 until 2024, reaching an all time high of 123.90 points in May of 2007 and a record low of 64.60 points in November of 1990. This page provides - Australia Consumer Confidence - actual values, historical data, forecast, chart, statistics, economic calendar and news. Australia Consumer Confidence - data, historical chart, forecasts and calendar of releases - was last updated on April of 2024.

Consumer Confidence in Australia decreased to 82.40 points in April from 84.40 points in March of 2024. Consumer Confidence in Australia is expected to be 84.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Australia Consumer Confidence is projected to trend around 100.00 points in 2025 and 105.00 points in 2026, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2024-03-25 11:30 PM
Westpac Consumer Confidence Index
Mar 84.4 86 84.6
2024-04-09 12:30 AM
Westpac Consumer Confidence Index
Apr 82.4 84.4 84.8
2024-05-13 12:30 AM
Westpac Consumer Confidence Index
May 82.4 83.1


Related Last Previous Unit Reference
Bank Lending Rate 10.79 10.79 percent Mar 2024
Westpac Consumer Confidence Index 82.40 84.40 points Apr 2024
Westpac Consumer Confidence Change -2.40 -1.80 percent Apr 2024
Consumer Credit 2241.00 2235.00 AUD Billion Feb 2024
GDP Consumption 298297.00 298026.00 AUD Million Dec 2023
Disposable Personal Income 387822.00 378959.00 AUD Million Dec 2023
Gasoline Prices 1.31 1.25 USD/Liter Mar 2024
Households Debt to GDP 109.70 110.00 percent of GDP Sep 2023
Housing Credit MoM 0.40 0.40 percent Feb 2024
Personal Savings 3.20 1.90 percent Dec 2023
Private Sector Credit MoM 0.50 0.50 percent Feb 2024
Retail Sales MoM 0.30 1.10 percent Feb 2024
Retail Sales YoY 1.60 1.20 percent Feb 2024

Australia Consumer Confidence
The Consumer Sentiment Index is based on a survey of over 1,200 Australian households. The Index is an average of five component indexes which reflect consumers' evaluations of their household financial situation over the past year and the coming year, anticipated economic conditions over the coming year and the next five years, and buying conditions for major household items. The index scores above 100 indicate that optimists outweigh pessimists.
Actual Previous Highest Lowest Dates Unit Frequency
82.40 84.40 123.90 64.60 1974 - 2024 points Monthly
SA

News Stream
Australia Consumer Mood Weakens Further
The Westpac-Melbourne Institute Consumer Sentiment index in Australia fell 2.4% to 82.4 points in April 2024, sliding for the second consecutive month as persistent inflation and high interest rates continued to weigh on Australian households. The index has also held below 100 for over two years, the longest since the early-1990s recession, indicating pessimists heavily outweigh optimists. The 12-month and the 5-year outlooks for the economy slipped 2.7% and 4.4%, respectively. Meanwhile, markets expect the Reserve Bank of Australia to start lowering rates late this year, but robust jobs data and rising house prices clouded the outlook. Matthew Hassan, a senior economist at Westpac said: “The bank’s latest commentary shows it is becoming a little more comfortable that further rate rises will not be required but it is not yet confident enough about the inflation outlook to consider the case for rate cuts.”
2024-04-09
Australia Consumer Mood Falls in March
The Westpac-Melbourne Institute Consumer Sentiment index in Australia fell 1.8% to 84.4 in March 2024 from 86 in February, easing from 20-month highs amid renewed concerns about the economic outlook and family finances. The 12-month outlook for the economy slid 4.5% in March, while the 5-year outlook rose 1.1%. The measure for family finances also fell 1.4%, and the 12-month outlook for family finances dropped 1.5%. The index also held below the neutral 100 mark since February 2022, the longest streak since the early 1990s recession. Matthew Hassan, a senior economist at Westpac said: "Last month we saw some promising signs that the consumer gloom that has dominated over the last two years might finally be starting to lift . The March survey update shows that progress continues to be slow at best."
2024-03-25
Australia Consumer Confidence Hits 20-Month High
The Westpac-Melbourne Institute Consumer Sentiment index in Australia jumped 6.2% to 86 in February 2024 from 81 in January, the highest reading in 20 months amid easing inflation and optimism that the Reserve Bank of Australia has concluded its tightening campaign. Still, the index held below the neutral 100 mark since February 2022, the longest streak since the early 1990s recession. Matthew Hassan, a senior economist at Westpac said: “While sentiment is still firmly pessimistic there finally looks to be some light at the end of the tunnel for Australian consumers. Moderating inflation and shifting expectations for interest rates appear to be the main factors behind the lift." Australia’s inflation rate slowed to 4.1% in the fourth quarter of last year, while the RBA held rates steady at 4.35% at its February meeting.
2024-02-12