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Australian consumer sentiment weakened significantly in June, reversing the modest gains recorded in May as households became increasingly concerned about their personal finances and the broader economic outlook. Despite easing worries over additional interest rate hikes, rising living costs and economic uncertainty continued to dampen confidence.
According to the latest Westpac-Melbourne Institute Consumer Sentiment Index, sentiment fell 2.9% to 80.6 in June from 83.0 in May. The result places consumer confidence near some of the lowest levels seen in the survey’s 50-year history. A reading below 100 indicates that pessimistic consumers outnumber optimists.
The decline highlights ongoing financial pressure facing Australian households. Key measures of family finances showed notable deterioration during the month. The index tracking perceptions of family finances compared with a year ago dropped 7.5% to 67.3. Meanwhile, expectations for family finances over the next 12 months fell 8.5% to 85.1, erasing most of the improvement recorded in May.
Westpac Head of Australian Macro-Forecasting Matthew Hassan said the results suggest consumers are preparing for further financial challenges in the months ahead. Persistent concerns about household budgets and economic conditions continue to influence spending and saving decisions.
Housing-related sentiment presented a mixed picture. The index measuring whether it is a good time to buy a home increased 12.6% to 81.1, recovering from extremely weak levels seen previously. However, confidence in future property values declined sharply, with house price expectations falling 14.9% to 128.2. This marked the first time in nearly three years that the measure slipped below its long-term average.
The survey also revealed a more cautious approach to savings, with consumers favoring bank deposits and debt reduction over property investment.
The latest data strengthens the argument for the Reserve Bank of Australia (RBA) to pause its policy tightening cycle at its June meeting. Nevertheless, stubborn inflation pressures may still prompt additional interest rate increases later in the year if price growth remains elevated.
