2020.04.1504:24:00UTC+00Australia Consumer Sentiment Logs Record Fall

Australia's consumer confidence declined the most on record in April after the coronavirus outbreak evolved from serious concern to full-blown pandemic, survey data from Westpac showed on Wednesday.

The Westpac-Melbourne Institute Index of Consumer Sentiment plunged 17.7 percent to 75.6 in April from 91.9 in March.

This was the biggest monthly decrease in forty seven year history of the survey, taking the indicator beyond the global financial crisis lows.

The survey reflects the large shocks to jobs and spending. Moreover, there was a collapse in confidence in the housing market.

All five component sub-indexes fell in April. The biggest falls were in the near term outlook for the economy and in attitudes towards spending - reflecting the immediate effects of the shut-down, Westpac noted.

The indicator measuring past family finances decreased 14.8 percent to an eight-year low of 70.4 and the outlook for family finances slid 6.6 percent to 90.9.

The 'economy, next 12 months' sub-index logged a record fall of 31 percent to 53.7 in April. At the same time, the index measuring the outlook for long-term, say five years, dropped moderately by 3.8 percent to 87.0 in April.

Further, the 'time to buy a major household item' plunged 31.6 percent to 76.2 in April. This was the lowest reading since the record low of 71 set in October 2008.

The Westpac-Melbourne Institute Unemployment Expectations Index jumped 8.2 percent in April following the sharp 8.5 percent increase in March. At 158.1, the index was at a five year high.