Data from Australia - the Westpac Consumer Confidence Index for May

-4.8% m/m to 113.1

  • prior +6.2% to 118.8

Westpac comments (in brief):

  • The second highest for the Index since April 2010
  • The index had risen 11% in the prior 3 months.
  • The fall may also represent some disappointment in the Federal Budget as a very generous Budget was still unable to exceed the exuberant expectations of the community.
  • The Budget was announced on May 11 - the half-way point of the survey period.