Australia Westpac consumer sentiment index dropped -4.2% to 96.6 in March, down from 100.8. That’s the worst reading since September 2020, which was also the last time thee index was below the 100-level.
Westpac said: “The latest monthly fall comes as no surprise. The war in Ukraine; the floods in south- east Queensland and Northern NSW; ongoing concerns about inflation and higher interest rates were all likely to impact confidence, although the size of the decline is still notable.”
Westpac maintained the view that the first RBA rate hike in the tightening cycle will start on August 2, following two more inflations reports of Q1 and Q2.