Consumers show glimmer of hope
While consumer confidence remains at near record lows there has been a small recovery since the federal budget. The Westpac-Melbourne Institute consumer confidence index gained 2.7 per cent from the 15-year low recorded in April. Westpac's chief economist Bill Evans said that the improvement would "imply muted support for the budget". While good news, the result it still 40.2 per cent below levels achieved last year.
Source: The Australian