The Westpac survey, for April 2019

Up 1.9% m/m to edge into optimists outnumbering pessimist territory, just barely, at 100.7

  • March was down 4.8% m/m to 98.8

Westpac's remarks (in brief):

  • survey conducted April 1 to 5 and captures consumer reactions to the Federal Budget
  • While the month to month rise in sentiment is fairly muted, the survey detail suggests the Budget was well-received
  • sentiment amongst those surveyed post-Budget 7.7% higher than sentiment amongst those surveyed pre-budget - the most positive turnaround since we began tracking pre and post Budget responses in 2011.
  • Persistent weak wages growth; falling house prices; and the perceived rising cost of living are all weighing on consumers.

That final point is worthwhile background.

The first 3 points counter recent media reports that the budget was not well received. Something for everyone.

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And, more coming from Australia today;

And, an early heads up, on Friday from the RBA we get the Financial Stability Review

  • 12 April 2019 at 0130GMT AEST