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.