Consumer sentiment has weakened according to Westpac-Melbourne Institute index, which fell 1.8% to 84.4, from the February reading. The 12-month outlook for the economy was down 4.5% and the 5-year outlook rose 1.1%. The measure for household finances also fell 1.4% with the 12 month outlook for that measure down 1.5%

The index has been below the neutral 100 mark since March 2022 – the longest run since the early 1990s recession. Westpac senior economist Matthew Hassan said the February index showed signs the consumer confidence was starting to lift, however, the March survey shows that progress is slow–at best.