Australia Westpac Consumer Sentiment (May) -7.9% m/m (prior +9.4%)

The index dropped to 79.0 in May from 85.8 in April.

The weekly consumer sentiment data is just as dour:

• Weekly Australian Consumer Confidence survey 75.9 (prior 77.7), weakest since April 2020

WPAC comments:

• "The two key developments over the last month have been the surprise decision by the Reserve Bank Board to lift the cash rate by a further 0.25% in May and the Federal Budget,"
• "Some consumers may also have had unrealistic expectations going into Budget 2023 – especially around the scope to deliver cost-of-living relief without adding to the task of reining in high inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term,"

Ugly data.