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.