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The Westpac index of consumer sentiment for April is out and has crashed to its lowest level since COVID, following the surge in fuel prices and rising inflation concerns.
“At 80, the Index is back near historical lows, albeit above the extremes seen at the onset of the pandemic and during the recessions of the early 1990s and 1980s”, Westpac’s Matthew Hassan commented.
As illustrated below by Alex Joiner at IFM Investors, near-term expectations drop back to 2022–23 ‘cost of living’ crisis lows, suggesting consumers see little prospect for improvement and are bracing for more difficulties.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.