Today the Westpac-MI consumer sentiment survey for June will be released.
Here’s the state of play.
- In May the index surged by 6.4% following the release of the federal budget.
- The percentage increase was the fifth largest recorded in the past five years.
- At 102.4, the index was 10.1% higher than May 2014.
- The index has not printed above 100 for two consecutive months since the start of 2014.
- This means pessimists have outnumbered optimists over the past 18 months.
- In May all survey components aside from whether it was a good time to buy a major household item improved.
- Expectations for the economy were the main reason the headline index increased significantly. Perceptions for the year ahead jumped 9.2% while those out five years surged 20.2%.
- Perceptions on family finances compared to a year earlier also increased by 5.8%.
- All States and Territories bar Western Australia saw sentiment improve in May.
The report will be released at 10.30am Sydney time this morning. Business Insider will have full coverage once it drops.