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Economic Statistics: Australian Consumer Confidence Down Sharply

Posted by Akhilesh Ganti on May 21, 2013 9:40:00 PM

Australian consumer confidence declined by 7%, the biggest drop since December 2011, to 97.6 which marked the first time since October 2012 that the index has fallen below 100. A reading below 100 indicates that pessimists outnumber optimists. This weakness is being attributed to the negative response to the budget, specifically the alarming deterioration in the fiscal position which probably renewed fears about the economy, and it likely offset the positive response to the RBA's handling of monetary policy. This might be another factor that the central bank will need to consider when they next meet to decide if further rate cuts are warranted.

{chart:Bloomberg}(click to enlarge)

Australia westpac may13


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