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Money Australia consumer sentiment picks up in June

07:15  13 june  2018
07:15  13 june  2018 Source:   reuters.com

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a man holding a gun: A shopper looks at clothes on sale at a retail store located in a shopping mall in central Sydney, Australia© REUTERS/Steven Saphore A shopper looks at clothes on sale at a retail store located in a shopping mall in central Sydney, Australia A measure of Australian consumer sentiment increased marginally in June after two straight monthly declines as consumers felt more confident about their current and future family finances.

A Melbourne Institute and Westpac Bank (WBC.AX) survey of 1,200 people published on Wednesday showed its index of consumer sentiment climbed 0.3 per cent in June from May when it fell 0.6 per cent.

The index was up 6.1 per cent on June last year at 102.2, meaning optimists just outnumbered pessimists.

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Sign up to create alerts for Instruments, Economic Events and content by followed authors. More In Opinion. Most Popular. Editor`s Picks . Source: Westpac Banking Corporation. Australia Westpac Consumer Sentiment .

A measure of Australian consumer confidence bounced in June after two months of sharp falls, as The poll of 1,200 people by the Melbourne Institute and Westpac Bank showed its index of consumer sentiment rose 4.7 percent in June , recovering somewhat from a 7.0 percent drop in May.

The June survey was conducted in the week when consumers heard that the Reserve Bank of Australia (RBA) held its cash rates at a record low 1.50 per cent and the economy expanded at a brisk 1.0 per cent pace in the March quarter.

"While the improved tone to sentiment compared to last year is welcome, the mix is still not pointing to a sustained lift in consumer demand," said Westpac Senior Economist Matthew Hassan.

"That will be mildly disappointing for the RBA with their forecast for above-trend growth this year and next resting in part on a lift in consumption growth."

A separate weekly measure by ANZ-Roy Morgan bounced a strong 5.6 per cent last week.

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