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Australian Consumer Sentiment Drops by Most in 47-Year History

Published 04/14/2020, 08:30 PM
Updated 04/14/2020, 08:54 PM
© Bloomberg. A person stands outside a grocery store during a partial lockdown imposed due to the coronavirus in Rooty Hill suburb of Sydney, Australia, on Saturday, April 4, 2020. Australia’s central bank this week warned of rising job losses and a likely “very material” contraction in economic activity, in minutes of an emergency meeting two weeks ago when it reduced the cash rate to the lower bound and unveiled unconventional policy measures. Photographer: Brendon Thorne/Bloomberg

(Bloomberg) -- Australian consumer confidence recorded the biggest fall in the 47-year history of the survey, bringing the index down to lows last seen in recessions, according to Westpac Banking Corp.

Sentiment plummeted 17.7% to 75.6 in April and Westpac chief economist Bill Evans said in an accompanying statement that the details were “very disturbing and reflect the large shocks to jobs and spending.” He also noted the “surprising message” of a collapse in confidence in the housing market.

“While the drop in confidence this month is severe, it could well have been worse,” he said. “Despite the bleak and threatening backdrop, Australia’s pandemic experience to date has been much less debilitating than that of the hardest hit areas abroad.”

©2020 Bloomberg L.P.

Latest comments

Understandable........and could get worse before it gets better.
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