The Melbourne Institute and Westpac Bank Consumer Sentiment Index for Australia increased by 0.6 percent month-over-month to 101.3 in May 2019 from 100.7 in the previous month. The latest reading reflected some cooling off from the initial confidence boost from the Federal Budget, which occurred in the middle of the April survey period. The gauge of family finances compared to a year ago increased by 6.3 percent and the survey's measure of economic conditions for the next 12 months went up 2.3 percent. In addition, the index of whether it was a good time to buy a major household item edged up 0.3 percent amid an ease in job loss fears (-5.1 percent). Meanwhile, the economic outlook for the next five years fell by 2.9 percent and the index of family finances over the next 12 months dropped 1.6 percent. Consumer Confidence in Australia averaged 101.36 Index Points from 1974 until 2019, reaching an all time high of 123.94 Index Points in May of 2007 and a record low of 64.61 Index Points in November of 1990.
Consumer Confidence in Australia is expected to be 100.00 Index Points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Consumer Confidence in Australia to stand at 103.00 in 12 months time. In the long-term, the Australia Consumer Confidence is projected to trend around 104.00 Index Points in 2020, according to our econometric models.