Australia Consumer Confidence
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The Westpac-Melbourne Institute Consumer Sentiment index in Australia fell 2.6%to 79.9 in November 2023 from 82 in October, returning to deeply pessimistic levels as the RBA’s November rate hike has put renewed pressure on family finances and reignited concerns about both the rising cost of living and the prospect of further rate rises to come.73% of respondents surveyed after the decision expect mortgage interest rates to move even higher over the next 12 months.That compares to 63% last month and 48% in September and is comparable to figures seen back in May-July.Expectations for family finances and for medium to longer term outlook for the economy also posted sharp falls.Meanwhile, consumers were a little less pessimistic about near-term prospects for the economy.Elsewhere, labor markets remain a relative source of support for consumers, with consumers expecting a steady employment situation.
source:
Westpac Banking Corporation, Melbourne Institute
Consumer Confidence in Australia decreased to 79.90 points in November from 82 points in October of 2023.Consumer Confidence in Australia averaged 100.66 points from 1974 until 2023, reaching an all time high of 123.90 points in May of 2007 and a record low of 64.60 points in November of 1990.
This page provides – Australia Consumer Confidence – actual values, historical data, forecast, chart, statistics, economic calendar and news.Australia Consumer Confidence – data, historical chart, forecasts and calendar of releases – was last updated on November of 2023.
Consumer Confidence in Australia decreased to 79.90 points in November from 82 points in October of 2023.Consumer Confidence in Australia is expected to be 79.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations.In the long-term, the Australia Consumer Confidence is projected to trend around 95.00 points in 2024 and 100.00 points in 2025, according to our econometric models.
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Calendar
GMT
Reference
Actual
Previous
Consensus
TEForecast
2023-11-13
11:30 PM
Westpac Consumer Confidence Change
Nov
-2.6%
2.9%
0.7%
2023-11-13
11:30 PM
Westpac Consumer Confidence Index
Nov
79.9
82
82.6
2023-12-12
11:30 PM
Westpac Consumer Confidence Index
Dec
85
Related
Last
Previous
Unit
Reference
Consumer Confidence
79.90
82.00
points
Nov 2023
Australia Consumer Confidence
The Consumer Sentiment Index is based on a survey of over 1,200 Australian households.The Index is an average of five component indexes which reflect consumers’ evaluations of their household financial situation over the past year and the coming year, anticipated economic conditions over the coming year and the next five years, and buying conditions for major household items.
The index scores above 100 indicate that optimists outweigh pessimists.
Actual
Previous
Highest
Lowest
Dates
Unit
Frequency
79.90
82.00
123.90
64.60
1974 – 2023
points
Monthly
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Australia Consumer Mood Declines in Nov
The Westpac-Melbourne Institute Consumer Sentiment index in Australia fell 2.6%to 79.9 in November 2023 from 82 in October, returning to deeply pessimistic levels as the RBA’s November rate hike has put renewed pressure on family finances and reignited concerns about both the rising cost of living and the prospect of further rate rises to come.73% of respondents surveyed after the decision expect mortgage interest rates to move even higher over the next 12 months.That compares to 63% last month and 48% in September and is comparable to figures seen back in May-July.
Expectations for family finances and for medium to longer term outlook for the economy also posted sharp falls.
Meanwhile, consumers were a little less pessimistic about near-term prospects for the economy.Elsewhere, labor markets remain a relative source of support for consumers, with consumers expecting a steady employment situation.
2023-11-13
Australia Consumer Mood Improves in October
The Westpac-Melbourne Institute Consumer Sentiment index in Australia rose 2.9% to 82 in October 2023 from 79.7 in September, hitting the highest level in six months but is still in deeply pessimistic territory, consistent with a continuation of the contraction in per capita spending seen since late last year.While there are some faint glimmers of hope around family finances and the outlook for jobs, these are being overshadowed by still-high inflation and renewed rate rise concerns.The RBA’s extended pause on rate hikes continues to see only a muted lift in sentiment, with consumers remaining wary of the potential for more rate rises in the months ahead.
The component sub-indexes were again a mixed bag in the month, with family finances still clearly under intense pressure despite a marginal improvement, and no change in downbeat near-term expectations for the economy.Labor market conditions remain a notable source of support.
2023-10-09
Australia Consumer Mood Drops Further
The Westpac-Melbourne Institute Consumer Sentiment index in Australia fell by 1.5% mom to 79.7 in September 2023, remaining close to its worst level since the 2020 COVID pandemic.The latest print followed a 0.4% drop in August, amid falling household savings, a less hawkish outlook for the RBA, and concerns over budget and taxation, with the component sub-indexes showing mixed results.The gauge for an economic outlook in the next five years fell 3.2% to 90.5, and the time to buy a major household item dropped 3% to 76.6.Meantime, the ‘family finances vs a year ago’ sub-index rose 4.4%, and the year-ahead expectations for family finances and the economy were up 1.8% and 0.4%, each.
Meanwhile, unemployment expectations rose 2.8% to 130.8, above the long-run average of 129.The ‘time to buy a dwelling’ index saw a 0.6% gain but at 72.5 remains at very weak levels.The index has been below the neutral 100 mark since March 2022, the longest streak since the early 1990s recession.
2023-09-12
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