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Australian consumer confidence fell sharply in October as households grew increasingly worried about rising living costs, higher interest rates, personal finances and the jobs outlook, according to data released Tuesday by Westpac.
The Westpac-Melbourne Institute Consumer Sentiment Index dropped 4.7% to 80.4 from 84.4 in September. The result was considerably weaker than forecasts for a 1.2% decline to roughly 83.4 and ranked among the lowest readings since the survey began in the early 1970s.
Westpac said the Reserve Bank of Australia’s latest interest rate increase appeared to have significantly damaged household confidence. The RBA raised its cash rate to 4.6%, the highest level since 2011, adding further pressure on borrowers already struggling with elevated expenses.
The impact of the RBA decision was particularly clear within the survey. Sentiment among the 60% of respondents questioned before the rate announcement stood at 86.9. Among consumers surveyed after the decision, confidence plunged to 67.2.
That nearly 20% gap between the pre- and post-RBA groups was the largest recorded since Westpac began monitoring daily survey responses in 2019.
Higher fuel costs are also squeezing Australian households. Average weekly petrol prices have climbed above A$2.30 per litre, nearly 25% higher than at the beginning of the year. Westpac also expects the standard variable mortgage rate to rise above 9%, increasing repayment burdens for homeowners.
The weakness in confidence was widespread. Westpac found that pessimists outnumbered optimists across 102 of the 106 consumer groups monitored in the survey. More than 80% of respondents also expect mortgage rates to increase over the coming 12 months.
Concerns are now extending beyond inflation and borrowing costs. The survey showed growing anxiety about employment prospects, indicating that Australian consumers are becoming increasingly cautious about both household finances and the broader economic outlook.
