The overall movement in the Index in May is modest, analysts at Westpac explained:
It is also important to note that the Index has held above 100 for ten of the last twelve months.
Last month’s survey showed a clear boost from the Federal Budget, which was in the middle of the April survey period. Readings before the Budget announcement were much lower than in the post Budget period, indicating that it had been well received by consumers.
Indeed the post-Budget Index reading was 104.3 meaning that sentiment in May has deteriorated by around 3% compared to post Budget levels. This probably reflects some ‘cooling off’ from the initial confidence boost, which was substantial.
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