Consumer sentiment spooked

Consumers spooked

Consumer sentiment fell -6 per cent in April, according to the Westpac survey, to the lowest level in 6 months.

This was the biggest monthly drop in nearly 2 years.

Notably the survey sample was taken before 'Liberation Day' so you can be fairly well assured that sentiment will have shifted lower since then. 

Source: Westpac

The time to buy a dwelling index remained +14 per cent higher than a year earlier.

House price expectations lifted +5 per cent in April, largely thanks to the first interest rate cut in the cycle.

And interest rate expectations were more than -20 per cent down from the prior year in April 2024, though consumers were notably far less confident of more rate cuts in April. 

Of course, markets have been rocked over the past few days, and interest rate expectations have moved correspondingly lower again. 

The NAB Survey was taken in March, and showed a further slight easing in retail prices and labour costs.

Source: NAB

CommSec's chart shows how the inflationary pressures have now passed. 

Deutsche Bank and others are now expecting a 50 basis point interest rate cut in May.

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