Confidence fell to a 6-month low on rising global economic concerns in April according to the Westpac-Melbourne Institute consumer sentiment index The index fell 6% from March to 90.1 in April. Prior to the US tariff announcement on 2 April, those surveyed reported an index read of 93.9. However, those surveyed after the announcement reported an index read of 86.6.

Consumer sentiment component indices all deteriorated in April. Family finances vs a year ago and the family finances in the next 12 months indices declined 8.5% and 6.2% respectively. For the latter, tariff-related concerns were compounded by a more uncertain interest rate outlook. Sentiment towards the economy also weakened with the economic outlook next 12 months sub-index declining 5.7% and the economic outlook for the next five years down 3%.

Despite the decline across all subindices, consumer sentiment is up year-on-year across all measures.