Australia: Consumer sentiment falls in May
The Westpac-Melbourne Institute consumer sentiment index fell to 79.0 in May from 85.8 in April. Consequently, sentiment remained entrenched below the 100-mark, indicating that there were more pessimists than optimists among Australian consumers.
May’s reading saw worsened households’ expectations over the economy in the next 12 months as well as gloomier expectations over family finances in the next 12 months. Additionally, willingness to buy major household items weakened and assessments of family finances deteriorated, as did expectations over the economy in the next five years.