Economic Buzz: Australia Consumer Confidence Falls 1.3% On Month in February

9 Feb 2022 , 10:30 AM

Australia consumer sentiment index declined 1.3% on month to 100.8 points in February, weighed down by concerns over the rising cost of living and prospects of higher interest rates, the Westpac-Melbourne Institute reported on Wednesday. The impact was clear in the surveys measure of family finances compared with a year ago which dived 9.3%, while the outlook for finances over the next 12 months fell 1.5%. The surveys measure of whether it was a good time to buy a major household item eased 0.3%, while the time to buy a dwelling index fell 2.4%. That contrasted with a slight improvement in the economic outlook for the next 12 months which added 2.5% after a steep drop in January, while the outlook for the next five years rose 1.5%.

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