The RBA’s booming consumer is really cranking up, not:
• The Westpac Melbourne Institute Index of Consumer Sentiment declined 0.6% to 101.8 in May from 102.4 in April.
This is a disappointing update. Despite what appears to have been a well-received Federal Budget, consumer sentiment has continued to drift lower. The survey detail points to a positive boost from policy measures, which included personal income tax cuts, being more than offset by weakening current assessments of family finances”.
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David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
