Respondents to the latest Westpac – Melbourne Institute survey showed a bleak consumer outlook for 2015.

The Consumer Sentiment Index dropped by 5.7% – the lowest it has been for 3 years, plummeting from 96.6 to 91.1. Westpac’s Chief Economist expressed concern over the results, calling it “disturbing”, as more people become worried about the stability of the economy and job security.

Westpac was the first of the 4 big banks to change their forecast on the interest rate, predicting rate cuts as early as February and March of next year.

Read more about this on the Sydney Morning Herald website.