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.