Consumer confidence surges on back of interest rate cut

Consumers are eyeing better times following the rate cut, but the majority are still pessimistic. (Joel Carrett/AAP PHOTOS)

The Reserve Bank's first rate cut since 2020 has delivered a welcome boost to the economic outlook, but Australian consumers are still more pessimistic than optimistic.

The Westpac-Melbourne Institute consumer confidence survey posted a strong four per cent gain in March, up to a three-year high of 95.9.