(25 Jun 2024, 09:14)

Economic Buzz: Australian Consumer Sentiment Inches Up in June 2024

Australia's Westpac-Melbourne Institute Consumer Sentiment index rose by 1.7% month-on-month to 83.6 in June 2024, marking a 3-month high and reversing a 0.3% decline in May. Despite this being the first rise in four months and the highest level since February, the index remains well below the neutral 100 mark. Fiscal support measures have been insufficient to alleviate concerns about high inflation and elevated interest rates. Notable sub-index movements include a 9.7% jump in 'family finances vs a year ago' to 69.3, a modest 0.4% rise in 'family finances for the next 12 months' to 96.5, a 2.1% increase in consumers' views on economic conditions for the next 5 years to 94.1, and a 5.7% drop in their assessment for the next 12 months to 78.5.

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Economic Buzz: Australian Consumer Sentiment Inches Up in June 2024