Westpac Consumer Confidence Index (s.a.) for March -0.7% m/m,to 99.5
- prior was -3.0% to 100.2
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- First time below 100 since May 2013
- Westpac saying the “sharp loss of confidence” reflecting fears on the economic outlook and escalating job loss fears
- run of ‘bad news’ around the motor vehicle industry, other manufacturers and Qantas has clearly rattled consumers
- Additional questions surveyed this month on news recall found over two thirds of consumers heard news on ‘economic conditions’ with most viewing the news as negative
