Westpac's consumer sentiment report is about to be released

SYDNEY, AUSTRALIA – AUGUST 16: Investors watch share prices at the Australian Securities Exchange (ASX) on August 17, 2007 in Sydney, Australia. The drop was the biggest one day fall in the Australian share market since 2000, falling by 5.5 per cent at its worst point as a result of a computer error and technical issues at the Sydney Futures Exchange. (Photo by Sergio Dionisio/Getty Images)

Australia’s Westpac-MI consumer sentiment report for July will be released shortly.

Here’s the state of play.

  • The survey is based on the responses of 1,200 adults aged 18 years and over across Australia.
  • In recent months confidence has been incredibly volatile.
  • In May, on the back of a well-received federal budget and interest rate cut from the RBA, sentiment leapt 6.5% to 102.4, the highest level seen since January 2014.
  • A month later confidence tanked, falling 6.9% to 95.3, its largest monthly decline since May 2013 on the back of Australia’s weak March quarter GDP report, according to Westpac.
  • The July survey was conducted between July 6 to 12. According to Westpac this means that offshore events, namely concerns surrounding the Greek and Chinese economies, are likely to weigh on sentiment.

We will find out soon enough whether that is the case. The report is scheduled for release at 10.30am AEST. Business Insider will have full coverage as soon as the data drops.

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