Westpac Consumer Confidence Index (s.a.) for May +6.4%% m/m to 102.4

  • prior was -3.2% to 96.2

  • Highest since January 2014
  • Westpac cite RBA rate cut and the better federal budget

Comments from Westpac Chief economist Bill Evans:

  • It is the first time since February this year that the Index has been above 100, the point above which optimists outnumber pessimists. It is the highest level of the Index since January last year
  • Clearly, the two driving forces behind this boost have been the Federal Budget and the interest rate cut