Australia: Consumer sentiment at over one-year low in February
The Westpac-Melbourne Institute consumer sentiment index decreased to 100.8 in February from 104.1 in January, marking the lowest reading since September 2020. However, sentiment remained above the 100-mark, indicating that there were more optimists than pessimists 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. On the flipside, expectations of family finances in the next 12 months and assessments of family finances compared to one year ago strengthened.
FocusEconomics panelists are still assessing the latest developments.