Australia: Consumer sentiment drops in June
The Westpac-Melbourne Institute consumer sentiment index dropped to 107.2 in June from 113.1 in May. However, sentiment remained comfortably above the 100-mark, indicating that there were more optimists than pessimists among Australian consumers.
June’s deterioration came on the back of weaker expectations of family finances in the next 12 months and assessments of family finances compared to one year ago as well as less optimistic expectations over the economy in the next 12 months and five years. Moreover, unemployment expectations improved considerably.
FocusEconomics panelists are still assessing the latest developments.