Australia: Consumer sentiment at one-and-a-half-year low in March
The Westpac-Melbourne Institute consumer sentiment index decreased to 96.6 in March from 100.8 in February, marking the lowest reading since September 2020. Therefore, sentiment moved below the 100-mark, indicating that there were more pessimists than optimists among Australian consumers.
February’s drop came on the back of worsened expectations over the economy in the next 12 months and five years as well as of deteriorated households’ willingness to buy major household items. Moreover, expectations of family finances in the next 12 months and assessments of family finances compared to one year ago weakened.
FocusEconomics panelists are still assessing the latest developments.