Australia Westpac Consumer Confidence Index for June: +6.3% m/m (prior +16.4%)

This is the monthly measure (the weekly numbers were out earlier, first drop in a couple of months!)

Westpac Consumer Confidence Index for June up 6.3% on the month to 93.7

• prior +16.4% m/m to 88.1

93.7 is still a net pessimistic read but its much better than the lows reached around 75 in April.

Westpac highlight that consumer confidence is now back around pre-COVID levels,

... errr … that is a good thing? :-D

OK, serious hat back on, more from WPAC:

• Confidence has clearly been buoyed by Australia's continued success in bringing the Coronavirus under control
• has in turn allowed for a further easing in social restrictions over the last month
• The Index is now only 2% below the average in the preceding September to February period.

The reason I am not impressed is this (again, from WPAC):

• Note that sentiment was already on the weak side prior to the COVID shock with the Index through this earlier period showing a persistent excess of pessimists over optimists.