Aussie Consumer Sentiment fell 1.8% into the land of pessimism

The Westpac Melbourne Institute Consumer Sentiment Index fell 1.8% this March to 84.4 points, compared to a rise of 6.2% in the prior month.

For context, the Westpac Consumer Sentiment Index measures the change in the level of consumer confidence around recent economic activity. On the index, a level above 100.0 indicates optimism; below indicates pessimism (Investing.com).

For March, consumers remained negative over the economic outlook for the year, as well as changes to the government’s budget and planned tax cuts.

Westpac analysts stated that “For consumers, the inflation and cost-of-living crisis may be becoming less acute but it will likely remain the dominant concern for some time yet."