Australia: Westpac consumer confidence index (May): -0.3% to 82.2 (prior -2.4% to 82.4)

Australian consumer sentiment remains in the doldrums

Via Westpac, their summary points (bolding mine … hope, and expect, the consumers are wrong on this!):

• Expectations gradually improving but offset by renewed pressure on finances.
• Budget’s cost-of-living support measures relatively well-received.
• Consumers more uneasy about inflation following Q1 upside surprise.
• Just over half expect rate rises to resume over the next 12 months.
• Those in line for stage 3 tax cuts plan to save 80¢ of every dollar.
• Job market confidence slips back to long run average levels.
• Housing sentiment remains stuck between extremely weak ‘time to buy’ assessments and strong price expectations.

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Earlier today ANZ – Roy Morgan published their weekly Consumer Confidence index

• +1.8 to 82 points last week, also deeply pessimistic

This article was written by Eamonn Sheridan at www.forexlive.com.