Australian Consumer Sentiment Drops Most in 47-Year History

Australian consumer confidence recorded the biggest fall in the 47-year history of the survey, bringing the index down to levels last seen during recessions, according to Westpac Banking Corp.

Household sentiment plummeted 17.7% to 75.6 in April as governments instituted widespread restrictions to stem the spread of coronavirus, shutting down large tracts of the economy, Westpac said. The confidence survey was based on 1,200 adults across Australia in the week of April 6-11.