Australian monthly consumer confidence data “holds near 30 years lows” | Forexlive

Westpac Melbourne Institute Consumer Sentiment Index was unchanged at 78.5 in March.

This is near its historic lows for this indicator series.

Some of the key points noted by Westpac:

• Confidence in the labour market starting to wane.
  
• Areas of most concern remain: inflation; interest rates; and the economy.
  
• Homebuyer sentiment drops sharply, to its weakest level since 1989.
  
• Surprisingly there has been an 8.6% lift in house price expectations.

Meanwhile the Westpac-Melbourne Institute Unemployment Expectations Index rose a
further 2.9% in March

• prior was a jump of 10.6% in February
• The higher this index the greater expectation that unemployment will rise in
  the year ahead

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Terrible numbers.

The Reserve Bank of Australia next meet on April 4 and the case for the Bank leaving its cash rate unchanged at this meeting is firming up, despite the rate being well under the current rate of CPI inflation: