Consumer sentiment has jumped by 9.4 per cent after the Reserve Bank opted not to implement the eleventh straight interest rate rise.

The Westpac Melbourne Institute Consumer Sentiment Index leaped from 78.4 in March to 85.8 in April, following a survey conducted over April 3-6.

The RBA’s board meeting took place on April 4, which suggests sentiment may have jumped even higher, had the survey period started after the cash rate pause.

As it stands, consumer sentiment is at its highest since June 2022 – however it remains lower than last April’s 96.2 ratings, before the first of the constant cash rates.

“Despite this lift in April, we still characterise Consumer Sentiment as weak and consistent with Westpac’s view that consumer spending through 2023 and at least the first half of 2024 will be lack-lustre,” said Bill Evans, chief economist at Westpac.