sydney feb 14 reuters  australian consumer sentiment took a dark turn last week after the countrys central bank raised interest rates to a decade high and warned yet more pain lay ahead for borrowers a survey showed on tuesday the westpacmelbourne institute index of consumer sentiment slid 69 for february erasing a 50 bounce the previous month the index reading of 785 meant pessimists greatly outnumber optimists the result was echoed by a weekly survey from anz which showed a steep 55 drop in its confidence index to the lowest reading since april 2020 both found mortgage holders were particularly gloomy after the reserve bank of australia rba lifted its cash rate a quarter point to 335 on feb 7 and flagged at least two more hikes were likely westpac senior economist matthew hassan noted the survey straddled the decision and the index after the move dove to 748 compared to 835 beforehand the consumer sentiment survey continues to give a very clear warning that the pressures bearing down on the consumer are becoming intense said while spending has held up relatively well to date we expect an abrupt slowdown to show through in coming months for respondents with a mortgage confidence dove 135 in february to be down more than 30 on the year the weight of rising mortgage payments saw the surveys measure of family finances compared with a year ago tumble 80 while the outlook for finances over the next 12 months fell 67 the index of the economic outlook for the next 12 months dropped 77 and the outlook for the next five years eased 28 westpacs measure of whether it was a good time to buy a major household item slid 101 in a warning sign for retailers