(Bloomberg) -- Australian consumer confidence recorded the biggest fall in the 47-year history of the survey, bringing the index down to lows last seen in recessions, according to Westpac Banking Corp.
Sentiment plummeted 17.7% to 75.6 in April and Westpac chief economist Bill Evans said in an accompanying statement that the details were “very disturbing and reflect the large shocks to jobs and spending.” He also noted the “surprising message” of a collapse in confidence in the housing market.
“While the drop in confidence this month is severe, it could well have been worse,” he said. “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.”
©2020 Bloomberg L.P.
