Oz Consumer Sentiment Slips In April
Westpac’s Consumer Sentiment Index has slipped 0.6% to 102.4 in April, falling from March’s reading of 103. Despite the decline, Australians remain “slightly optimistic”.
The results follow January’s four-year high, and comes after a 10% rally through the second half of 2017.
Since the beginning of 2018, consumer sentiment has dipped by ~2.5%.
Bill Evans, Westpac Chief Economist, affirms the results are an “encouraging signal”, and remain in “slightly optimistic territory”.
April’s results mark the fifth consecutive month Westpac’s Consumer Sentiment Index has risen above 100.
“Certainly, at 102.4 the Index is still well below the strong 105–115 levels typically associated with a robust consumer”, adds Mr Evans.
It indicates the number of ‘optimists’ surpass the level of ‘pessimists’.
Mr Evans reveals most Australians have an uncertain outlook about their jobs and family’s finances, however, remain slightly more confident about the state of the economy.
Evans expects the RBA to keep its rates near a record low of 1.5% through 2018 to 2019.