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Financial News: Australia Consumer Confidence Ebbs In June - Westpac

Australia Consumer Confidence Ebbs In June - Westpac

06/08/2021 - 20:41:00 (RTTNews)

(RTTNews) - Consumer confidence in Australia softened in June, the latest survey from Westpac Bank and the Melbourne Institute showed on Wednesday with an index score of 107.2.

That's down 5.2 percent from the May reading, which saw the index slip 4.8 percent to 113.1.

This two-month decline can be mainly attributed to a combination of a statistical correction following a very strong surge in April to an 11-year high, the bank said - as well as some disappointment around the budget given high expectations leading into the announcement.

The latest fall in June is almost certainly due to concerns around the two-week lockdown in Melbourne as the survey was conducted during the first week of the lockdown.

A sustained recovery will continue to be reliant on health outcomes over the next year or so until Australia reaches adequate levels of vaccination coverage, the bank said.

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