The Westpac Melbourne Institute Index of Consumer Sentiment fell by 3.5% in January from 100.8 to 97.3. The Index is at its lowest level since September 2015 but remains 4.3% above its level of a year ago. With limited domestic news during the holiday season consumers appear to have been mainly impacted by the spate of negative news on the international front and the spill over effect on financial markets. Over the two weeks to the end of the survey the oil price has fallen by 20%. Furthermore, over the same period, the Australian share market has fallen by 7.6% and the US market by 8.0%. News on China’s volatile share market may also be affecting households with the Chinese market down by around 15% since the beginning of the year. (VIEW LINK)
Please sign in to comment on this wire.