Consumer confidence up

Reports SMH:

"Consumer confidence bounced in June after two months of sharp falls, as households became less gloomy on the outlook both for their own finances and the economy, according to a private survey.

The poll of 1200 people by the Melbourne Institute and Westpac Bank showed its index of consumer sentiment rose 4.7 per cent in June, recovering somewhat from a 7.0 per cent drop in May.

That left the index 6.9 per cent higher than in June last year at 102.2, meaning optimists now slightly outnumbered pessimists.

"It appears that some of the factors behind the sharp drop in sentiment in May were temporary," said Westpac senior economist Matthew Hassan. "In particular, concerns stemming from the Federal Budget may have eased somewhat in June."

While respondents reported that most of the economic news they recalled had been negative, the survey showed a broad improvement in their assessment of the outlook.

The largest increase of 8.5 per cent came in the component index reflecting family finances compared to a year ago. The outlook for finances over the next 12 months also rose 5.3 per cent. This measure was up a steep 22.7 per cent on June last year, perhaps reflecting the impact of lower mortgage rates."

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