The Melbourne Institute and Westpac Bank Consumer Sentiment Index for Australia increased 11.9 percent month-over-month to 105 points in October of 2020, following an 18 percent jump in the previous month. It was the highest reading since July of 2018, amid the ongoing success across the nation in containing the COVID-19 outbreak and the response to the October Federal Budget. All components of the Index were higher in October, the most striking improvements were around the outlook for the economy, with the surge in the five year outlook taken this sub-index to its highest level since August 2010. In addition, there was a stunning lift in confidence around job security, with the Index improving by 14.2% to be back around the levels of early 2019. Also, confidence in the housing market boomed, the ‘time to buy a dwelling’ index increased 10.6% to its highest level since September 2019.

Consumer Confidence in Australia averaged 101.12 points from 1974 until 2020, reaching an all time high of 123.94 points in May of 2007 and a record low of 64.61 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 October of 2020. source: Westpac Banking Corporation, Melbourne Institute

Consumer Confidence in Australia is expected to be 77.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Consumer Confidence in Australia to stand at 92.00 in 12 months time. In the long-term, the Australia Consumer Confidence is projected to trend around 94.00 points in 2021 and 96.00 points in 2022, according to our econometric models.

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Australia Consumer Confidence

Actual Previous Highest Lowest Dates Unit Frequency
105.00 93.80 123.94 64.61 1974 - 2020 points Monthly
SA


Calendar GMT Actual Previous Consensus TEForecast
2020-09-09 12:30 AM Westpac Consumer Confidence Index Sep 93.8 79.5 77
2020-09-09 12:30 AM Westpac Consumer Confidence Change Sep 18% -9.5% -3.1%
2020-10-13 11:30 PM Westpac Consumer Confidence Index Oct 105 93.8 94.5
2020-10-13 11:30 PM Westpac Consumer Confidence Change Oct 11.9% 18% 0.7%
2020-11-12 11:30 PM Westpac Consumer Confidence Change Nov 11.9%
2020-11-12 11:30 PM Westpac Consumer Confidence Index Nov 105
2020-12-12 11:30 PM Westpac Consumer Confidence Index Dec 91


News Stream
Australia Consumer Confidence Jumps to Over 2-Year High
The Melbourne Institute and Westpac Bank Consumer Sentiment Index for Australia increased 11.9 percent month-over-month to 105 points in October of 2020, following an 18 percent jump in the previous month. It was the highest reading since July of 2018, amid the ongoing success across the nation in containing the COVID-19 outbreak and the response to the October Federal Budget. All components of the Index were higher in October, the most striking improvements were around the outlook for the economy, with the surge in the five year outlook taken this sub-index to its highest level since August 2010. In addition, there was a stunning lift in confidence around job security, with the Index improving by 14.2% to be back around the levels of early 2019. Also, confidence in the housing market boomed, the ‘time to buy a dwelling’ index increased 10.6% to its highest level since September 2019.
2020-10-13
Australia Consumer Sentiment Soars in September
The Melbourne Institute and Westpac Bank Consumer Sentiment Index for Australia surged 18 percent month-over-month to 93.8 in September 2020, reversing from a 9.5 percent fall a month earlier as Victoria state managed to curb a resurgence of COVID-19 cases while other states in the country prevented a second wave. Economic conditions for the next 12 months jumped 41 percent to 75.6, amid optimism that the damage from the virus could be contained; conditions for the next 5 years rebounded 19 percent to 99.8. Also, finances for the next 12 months sub-index jumped 11.2 percent to 101.2, and those vs a year ago also soared 11.2 percent to 87.5. In addition, time to buy a major household item lifted 16.3 percent to 105.1, due to rising household incomes as the federal government rolled out fiscal supports.
2020-09-09
Australia Consumer Sentiment Collapses Again
The Melbourne Institute and Westpac Bank Consumer Sentiment Index for Australia declined by 9.5% month-on-month to 79.5 in August 2020, after a 6.1% drop in July as Victoria's lockdown caused fears across Australia, with all five components declining. Economic conditions for the next 12 months recorded the biggest fall, tumbling 19.2% to 66.4 amid fears that the damage from the virus would be prolonged; conditions for the next 5 years plunged 8.7% to 83.9; finances for the next 12 months sub-index sank 7.3% to 91.1, and finances vs a year ago fell 0.4% to 78.6. Also, time to buy a major household item slumped 13.2% to 90.4, due to rising concerns around health risks and more uncertainty around income look.
2020-08-12
Australia Consumer Sentiment Falls Again
The Melbourne Institute and Westpac Bank Consumer Sentiment Index for Australia declined by 6.1% month-on-month to 87.9 in July 2020, after a 6.3% rise in June on the back of the renewed surge in COVID-19 cases in Victoria and following reintroduction of lockdown restrictions in Melbourne. economic conditions for the next 12 months recorded the biggest fall, tumbling 14% to 66.4 amid fears that the damage from the virus would be prolonged; conditions for the next 5 years plunged 10.3% to 91.9; and finances for the next 12 months sub-index sank 6.7% to 98.3. Also, time to buy a major household item fell 2.1% to 104.1, due to rising concerns around health risks and more uncertainty around income look. By contrast, the ‘finances vs a year ago’ sub-index went up 2.5% to 78.9, reflecting significant reopening boosts in other states and government income support packages that offset the negative impact of Melbourne's renewed lockdown.
2020-07-15

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.