The Melbourne Institute and Westpac Bank Consumer Sentiment Index for Australia rose by 6.3% month-on-month to 93.7 in June 2020, after a 16.4% surge in May. The index is now only 2% below the average in the preceding September to February period, highlighting Australia’s continued success in bringing the COVID-19 under control. Economic conditions for the next 12 months jumped 8.4% to 77.2 on the prospects of reopening the economy, and conditions for the next 5 years rose 6.4% to an 18-month high of 102.4 as households were confident that the economy will cope with the health crisis. Time to buy a major household item increased 10.1% to 106.3, due to easing concerns around health risks and more certainty around income look. Also, the ‘finances vs a year ago’ sub-index went up 3.6% to 77.0, supported by the JobKeeper plan as well as temporary relief for mortgage and rental payments. Finances for the next 12 months sub-index advanced 3.3% to a 105.3.

Consumer Confidence in Australia averaged 101.29 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 July of 2020. source: Westpac Banking Corporation, Melbourne Institute

Consumer Confidence in Australia is expected to be 90.00 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 96.00 in 12 months time. In the long-term, the Australia Consumer Confidence is projected to trend around 97.00 points in 2021 and 99.00 points in 2022, according to our econometric models.

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Australia Consumer Confidence

Actual Previous Highest Lowest Dates Unit Frequency
93.70 88.10 123.94 64.61 1974 - 2020 points Monthly
SA


Calendar GMT Actual Previous Consensus TEForecast
2020-05-13 12:30 AM Westpac Consumer Confidence Index May 88.1 75.6 65
2020-05-13 12:30 AM Westpac Consumer Confidence Change May 16.4% -17.7% -14%
2020-06-10 12:30 AM Westpac Consumer Confidence Change Jun 6.3% 16.4% 2.2%
2020-06-10 12:30 AM Westpac Consumer Confidence Index Jun 93.7 88.1 90
2020-07-15 12:30 AM Westpac Consumer Confidence Change Jul 6.3%
2020-07-15 12:30 AM Westpac Consumer Confidence Index Jul 93.7
2020-08-14 12:30 AM Westpac Consumer Confidence Index Aug
2020-08-14 12:30 AM Westpac Consumer Confidence Change Aug


News Stream
Australia Consumer Sentiment Back Near Pre-Crisis Levels
The Melbourne Institute and Westpac Bank Consumer Sentiment Index for Australia rose by 6.3% month-on-month to 93.7 in June 2020, after a 16.4% surge in May. The index is now only 2% below the average in the preceding September to February period, highlighting Australia’s continued success in bringing the COVID-19 under control. Economic conditions for the next 12 months jumped 8.4% to 77.2 on the prospects of reopening the economy, and conditions for the next 5 years rose 6.4% to an 18-month high of 102.4 as households were confident that the economy will cope with the health crisis. Time to buy a major household item increased 10.1% to 106.3, due to easing concerns around health risks and more certainty around income look. Also, the ‘finances vs a year ago’ sub-index went up 3.6% to 77.0, supported by the JobKeeper plan as well as temporary relief for mortgage and rental payments. Finances for the next 12 months sub-index advanced 3.3% to a 105.3.
2020-06-10
Australia Consumer Sentiment Improves
The Melbourne Institute and Westpac Bank Consumer Sentiment Index for Australia surged 16.4% over a month earlier to 88.1 in May 2020. It was the biggest monthly rise on record, recouping most of previous month's drop as the country began to ease coronavirus lockdown measures. Economic conditions for the next 12 months jumped 32.6% to 71.2 on the prospects of an earlier than expected reopening for the economy, and conditions for the next 5 years rose 10.7% to a nine-month high of 96.3 as households were confident that the economy will cope with the health crisis. Time to buy a major household item soared 26.7% to 96.6, due to easing concerns around health risks and more certainty around income look. Also, the ‘finances vs a year ago’ sub-index increased 5.5% to 74.3, supported by the JobKeeper plan as well as temporary relief for mortgage and rental payments and finances for the next 12 months sub-index went up 12.2% to a 1-year high of 102.
2020-05-13
Australia Consumer Sentiment Falls to Lowest since 1991
The Melbourne Institute and Westpac Bank Consumer Sentiment Index for Australia plunged 17.7% over a month earlier to 75.6 in April 2020 from 91.9 in March. It was the biggest monthly fall in the survey history, taking the index to its lowest level since February 1991, as the coronavirus pandemic hit consumer sentiment. Economic conditions for the next 12 months dropped 31% to 53.7 points, the lowest since the Great Financial Crisis, and conditions for the next 5 years fell 3.8% to 87. In addition, time to buy a major household item tumbled 31.6 % to the lowest on record of 76.2. The ‘finances vs a year ago’ sub-index declined 14.8% to an eight-year low of 70.4, and finances for the next 12 months sub-index fell 6.6% to 90.9. "It seems likely that the Reserve Bank considers it has done its duty to support the economy and will now look to governments if further support is required, " said Bill Evans, chief economist of Westpac.
2020-04-15
Australia Consumer Morale at Over 5-Year Low
The Melbourne Institute and Westpac Bank Consumer Sentiment Index for Australia declined 3.8 percent month-over-month to an over five-year low of 91.9 in February 2020 from 95.5 in the previous month, reflecting the impact of the coronavirus outbreak and associated rout in financial markets. Economic conditions for the next 12 months dropped 12.8 percent to 77.9 points, its lowest level in five years; and time to a buy a major household item also fell to a five-year low (-4.3% to 111.4). Meanwhile, assessments of family finances were relatively stable, as the subindex ‘finances vs a year ago’ rose 1.8 percent to 82.7, still remaining 6.6 percent below the historical average. Sentiment and overall economic conditions point to further monetary easing, Bill Evans, Chief Economist of Westpac said: “The Reserve Bank Board next meets on April 7. Given the clear risks being faced by the Australian economy over the next few months the Board is likely to lower the cash rate by a further 0.25%.”
2020-03-10

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.