Consumer Confidence in Australia Records Largest Fall in 47 Years

According to a survey of 1200 adults across Australia, conducted by the Westpac Banking Corp., during the week of April 6 – 11,  Australian consumer confidence recorded the biggest fall in the 47-year history of the survey, bringing the index down to levels last seen during recessions. Westpac is reporting that household sentiment plummeted 17.7% to 75.6 in April, as governments instituted widespread restrictions to stem the spread of coronavirus, shutting down large tracts of the economy. Bill Evans, chief economist at Westpac said in prepared remarks that, “While the drop in confidence this month is severe, it could well have been worse. Despite the bleak and threatening backdrop, Australia’s pandemic experience to date has been much less debilitating than that of the hardest hit areas abroad.”