Australia Consumer Confidence March 2016

Australia

Australia: Consumer confidence falls in March

March 9, 2016

The Westpac-Melbourne Institute Survey of Consumer Sentiment decreased 2.2% in March. The index fell from 101.3 in February to 99.1 in March, indicating that pessimists now marginally outnumber optimists.

The Institute attributed the decrease to conditions shifting sentiment in Australia’s housing market. The survey indicated that consumers have shifted their perceptions of property markets, stating that “there was a sharp deterioration in respondents’ views on real estate as a wise investment.” Australia’s housing market had shown strong gains in the past year, and dwellings had become a strong source of income and a profitable place to store savings. Change in sentiment regarding housing is likely due to heightened market volatility and unfavorable media coverage concerning property markets.

FocusEconomics Consensus Forecast panelists see private consumption growing 2.5% in 2016, which is also unchanged from last month’s forecast. In 2017, panelists also see private consumption expanding 2.5%.


Author:, Economist

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Australia Consumer Confidence March 2016

Note: Index of consumer sentiment; 100-point threshold indicates equal number of positive and negative responses.
Source: Westpac-Melbourne Institute Survey of Consumer Sentiment.


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