“Australian consumer confidence declined in May to the lowest level in almost a year after the government announced a budget that will end 23 years of inflation-adjusted spending growth.
The sentiment index fell 1.3 percent to 103.9 from a month earlier, according to a Westpac Banking Corp. (WBC) and Melbourne Institute survey of 1,200 consumers taken May 9-15 and released today in Sydney.
Reserve Bank of Australia Governor Glenn Stevens this month held the overnight cash rate target at 4.75 percent, after seven increases from October 2009 to November last year that helped spur the currency to a record. Reports this month showed retail sales stagnated in the first quarter and employment dropped in April by the most since 2009, while the RBA said higher rates will likely be needed “at some point” to contain inflation.”
If you enjoy the content at iBankCoin, please follow us on Twitter
