Australia: Consumer sentiment drops in February
The Westpac-Melbourne Institute consumer sentiment index decreased to 78.5 in February from 84.3 in January. Consequently, sentiment moved further below the 100-mark, indicating that there were more pessimists than optimists among Australian consumers.
February’s rise came on the back of deteriorated households’ expectations over the economy in the next 12 months and five years. Moreover, expectations over family finances in the next 12 months weakened. Additionally, willingness to buy major household items fell.