Westpac-Melbourne Institute Consumer Sentiment Index Falls to Six-Month Low in April as Tariff Turmoil Drags Outlook

Consumer sentiment in Australia fell to a six-month low in April, dropping 6% to 90.1, as US tariffs created uncertainty. The index showed a significant decline among those surveyed after the tariff announcement, indicating a risk of further declines in sentiment. All components weakened, with family finances at their lowest since July 2024. Westpac anticipates a 25 basis point cut in the Reserve Bank of Australia's key rate in May.