AU: Consumer confidence plummets
Consumer Confidence Plummets in April
The Westpac–Melbourne Institute Consumer Sentiment Index experienced a steep drop in April, falling by 12.5% to 80.1, down from 91.6 in March. Australians are facing renewed financial strain as rising living expenses take their toll. The surge in fuel costs, triggered by the US–Israel conflict with Iran, along with an additional 25 basis point hike in interest rates, has intensified pressure on household budgets.
Consumers’ outlook has worsened significantly, indicating widespread concern about a possible return to the prolonged economic challenges encountered during the inflationary period from 2022 to 2024. This latest decline marks the most substantial monthly fall in sentiment since the early days of the COVID-19 pandemic.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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