Australian consumer confidence was little changed in February, signaling that the recovery seen in the second half of 2024 has stalled amid mounting pressure on finances, according to Westpac's report published Tuesday.
The Westpac-Melbourne Institute Consumer Sentiment Index ticked up to 92.2 in February from 92.1 in January.
All sub-indices registered an increase, except for the "family finances vs a year ago" measure, which fell 3.4%.
The latest survey shows a "cautiously pessimistic" consumer mood due to continued pressure surrounding household finances, said Luci Ellis, chief economist at Westpac.
"Consumers are less concerned about the forward view, with some wariness about the economic outlook but rising optimism about prospects for family finances," Ellis said.
"Overall, the mix suggests there may have been a larger than normal financial 'hangover' from the Christmas period and that many are still struggling with cost-of-living problems," Ellis added.
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