Consumers confident as interest rate hike paused

by | Apr 19, 2023 | Australia, News

The latest Westpac Consumer Index reading shows consumer confidence surged 9.4% to 85.8 in April with the lift in confidence attributed to the Reserve Bank’s decision to pause after ten consecutive rate hikes.

Confidence among respondents with a mortgage increased 12.2% and Westpac’s time to buy a dwelling index lifted 8.2%. Westpac said the uptick in confidence across indices marks an improvement from deeply pessimistic readings in February and March, but said the headline index is still in weak territory.