Aussie Consumer Confidence Lowest Since Sept 2020
Consumer confidence has dropped slightly in April, after plummeting last month. It now sits at the lowest rate since September 2020, when the country was at the peak of COVID-19 fears.
This is according to the Westpac-Melbourne Institute index of consumer sentiment, which fell 0.9 per cent to 95.8 in April, from 96.6 in March.
A rating of 100 indicates the country is neutral, so it would seem confidence levels are still quite bad.
However, Westpac chief economist Bill Evans notes that the “modest decline” is an improvement upon the 4.2 per cent fall in March.
“At that time concerns around interest rates and inflation were starting to weigh on confidence,” Evans said.
“These were compounded by Russia’s invasion of Ukraine, an associated spike in petrol prices, and severe weather events.”