Weekly consumer sentiment data from Australia ... another terrible result

This weekly indicator is firmly in a downtrend and well under its long run average.

ANZ track the index alongside government poll ratings, noting no bounce for the sentiment numbers after last week's Australian budget:

This sentiment fall does not augur well for consumer spending going forward. The Reserve Bank of Australia have been warning on high debt levels, slow employment growth, and slow wage growth weighing on household spending. Business confidence and conditions have been a bright spot for the Australian economy but the consumer is an area of weakness.

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Still to come from Australia today ... RBA May meeting minutes: