The Westpac-Melbourne Institute (MI) Consumer Sentiment Index serves as an economic indicator that gauges the confidence levels of Australian consumers. By examining consumer sentiment, the index offers valuable insights into the likely trends in consumer spending and economic growth.

What is the Westpac-MI Consumer Sentiment? The Westpac-MI Consumer Sentiment Index is a monthly survey carried out in collaboration between Westpac Banking Corporation and the Melbourne Institute of Applied Economic and Social Research. This survey collects the perspectives of approximately 1,200 Australian households, evaluating their opinions on current and future economic conditions, personal financial circumstances, and their readiness to make significant purchases. The index is derived as a weighted average of the responses to these inquiries.

How to Understand the Westpac-MI Leading Index The Westpac-MI Consumer Sentiment Index is represented as a single figure, with 100 acting as the neutral reference point. A score above 100 indicates that optimistic consumers outnumber those who are pessimistic, implying heightened consumer confidence and a potential rise in consumer spending. Conversely, a score below 100 suggests that pessimistic consumers outnumber optimistic ones, indicating reduced consumer confidence and a possible decline in consumer spending.

Why is the Westpac-MI Consumer Sentiment important? The Westpac-MI Consumer Sentiment Index is a crucial instrument for gauging the overall confidence of Australian consumers. Consumer confidence plays a vital role in driving economic growth, as elevated confidence levels typically lead to increased consumer spending, which in turn fuels economic activity. On the other hand, diminished confidence levels can result in reduced consumer spending, contributing to economic stagnation or contraction.

Who publishes the Westpac-MI Consumer Sentiment? The Westpac-MI Consumer Sentiment Index is co-published by Westpac Banking Corporation, one of Australia’s largest banks, and the Melbourne Institute of Applied Economic and Social Research, a respected economic research institute associated with the University of Melbourne.

When is the Westpac-MI Consumer Sentiment released? The Westpac-MI Consumer Sentiment Index is published monthly, typically on the second Wednesday of each month. The data can be accessed via the Westpac website and the Melbourne Institute’s website, as well as through major financial news outlets and data providers. Some providers may require a subscription to access the data.