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 ,"

Ugly data.