Westpac Consumer Confidence Index: -6.9% m/m to 95.3
- prior was +6.4% to 102.4
The prior month was a good bounce ... but givin' it all back this month
I noted earlier (here) that the post-budget jump in consumer confidence was dissipating fast ... yep
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- Weakest level since the start of this year
- 1% below pre-budget level
From WPAC (Matthew Hassan):
- It now appears that last month's surge of optimism was a brief relief rally following the Reserve Bank of Australia's May rate cut and a budget that was less damaging than many feared
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Aussie data has been volatile lately. We had good Q1 GDP numbers (as long as you didn't look too closely), good business confidence yesterday, a continued boom in housing lending (hello to all the property investors out there) and now this.
I'd post a pic of a dog vomiting .... but I've done that plenty of times.
Maybe this is more appropriate (apparently its real ... not photo shopped):
