ANZ Roy Morgan weekly Consumer Sentiment (for the week ended May 24): 113.5

  • prior was 114.6, best result since November 2014

Down 1% after last week's huge jump

Comments from the ANZ's chief economist Warren Hogan (bolding is mine):

  • "While consumers have reacted more positively towards the government's 2015-16 Budget, the sustainability of this lift in confidence, and indeed, the prospects for further gains in confidence will be reliant on a number of factors.
  • The lift in confidence is unlikely to be sustained if key measures do not pass through the parliament.
  • More importantly, confidence amongst consumers requires job creation and a stable, or better still, falling unemployment rate.
  • As a key driver of employment, the outlook for business investment is now one of the main factors influencing consumer confidence in Australia."