According to a survey conducted by Westpac, consumer confidence in Australia declined in April most of all in the history of observations, after the outbreak of coronavirus turned from a serious problem into a full-blown pandemic.
The Westpac-Melbourne Institute consumer sentiment index fell -17.7% to 75.6 in April from 91.9 in March. This was the largest monthly decline in the forty-seven-year history of the survey, which brought the indicator beyond the lows of the global financial crisis.
This survey reflects the significant shocks associated with jobs and costs. Moreover, there was a collapse in confidence in the housing market.