Australia monthly consumer confidence (February) -6.9% (vs. prior 5%) | Forexlive

This is the monthly survey of consumer sentiment from Westpac in Australia. Comes in at an awful 78.5, down 6.9% m/m

• prior 84.3

Earlier we had a horrendous weekly consumer confidence number, the worst since the beginning of the pandemic!

Inflation , rate rise response, biting.

This index has the 100 line as separation bewttn net optimism and pessimism. 78.5 is deeply, deeply pessimistic.

WPAC summary points on the release:

• Hopes of a break from cost-of-living pressures and rate hikes dashed.
• Sentiment back at historic lows – weaker reads only ever seen during recession.
• Over half of consumers expect mortgage rates to rise by 1ppt or more.
• Consumers reporting intense pressure on finances, mortgage belt especially.
• Attitudes towards major household purchases fourth lowest in 48 years.
• Confidence around jobs still positive but starting to get rattled again.