The Melbourne Institute and Westpac Bank Consumer Sentiment Index for Australia plunged 4.8 percent month-over-month to 98.8 in March 2019 from 103.8 in the previous month. It was the lowest reading since September 2017, amid a slowdown in domestic economy which is widely described as a ‘per capita recession’ in media coverage and a downturn in housing market. The index of family finances over the next 12 months slumped 5.9 percent and that of family finances compared to a year ago decreased 5.6 percent. Also, the survey's measure of economic conditions for the next 12 months dropped 6.9 percent and the outlook for the next five years fell by 5.5 percent. In addition, the index of whether it was a good time to buy a major household item declined 0.6 percent and job loss concerns went up 8.9 percent showing consumers expect unemployment to rise in the year ahead. Consumer Confidence in Australia averaged 101.36 Index Points from 1974 until 2019, reaching an all time high of 123.94 Index Points in May of 2007 and a record low of 64.61 Index Points in November of 1990.
Consumer Confidence in Australia is expected to be 102.50 Index 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 100.00 in 12 months time. In the long-term, the Australia Consumer Confidence is projected to trend around 104.00 Index Points in 2020, according to our econometric models.