Matthew Hassan
The Westpac-Melbourne Institute Consumer Sentiment Index fell 6% in April, to 90.1 from 95.9 in March.
Matthew Hassan, Westpac Head of Australian Macro-Forecasting, said: “Consumers are showing deepening unease about developments abroad.
“Sentiment weakened sharply over the course of the survey week, with steep falls following the ‘reciprocal tariffs’ announced by US President Trump on April 2.
“Those surveyed before the announcement reported an index read of 93.9 down only slightly from March’s 95.9. Those surveyed after the announcement reported an index read of just 86.6, down nearly 10% compared to March.
“The scale and breadth of tariff increases, which included a 10% tariff on Australian goods, came as a major surprise, triggering a sell-off in global financial markets.
“With the situation still deteriorating, there is a clear risk of more significant sentiment declines in the months ahead.”
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