Australia Consumer Confidence February 2016

Australia

Australia: Consumer confidence in February recovers from January's fall

February 10, 2016

The Westpac-Melbourne Institute Survey of Consumer Sentiment picked up in February, recovering from its 3.5% decrease in January. The index rose from 97.3 in January to 101.3 in February, as Australia’s equities markets stabilized after undergoing some turbulence in the beginning of the year.

The Institute attributed the increase in confidence to a sense of relief consumers felt regarding equities and oil prices. The institute noted that, “while the plunge in the oil price is disturbing from a market perspective, households are now benefitting from lower petrol prices. Since the survey in January ’average pump price‘ has fallen by 8.5% providing households with a decent boost to disposable incomes.” The institute elaborated that since the February consumer confidence survey closed on 6 February, the Australian equities market has weakened further, possibly foreshadowing a deterioration of the index in the coming months.

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 February 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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