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Consumer sentiment took a slide this month off the back of the release of the federal budget and the projected budget deficit.
The Westpac-Melbourne Institute Index of Consumer Sentiment slipped by 4.3 per cent in May to be just 2.3 per cent above its average over the December and March quarters – the weakest periods for the global economy.
Consumers’ assessment of economic conditions for the next five years also fell a hefty 13.6 per cent. This was the second largest fall in ten years and an indication that consumers were unnerved by the prospect of a sharp rise in the government’s deficit, Westpac chief economist Bill Evans said.
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