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Budget blamed for drop in consumer confidence

It seems the Budget is dividing a nation. The latest Newspoll survey has revealed that 45 percent of Aussies are behind the Budget, but the -Melbourne Institute consumer sentiment index is painting a different story, with consumer confidence plunging by 4.3 percent in May to 88.8 percent, the second biggest post-budget fall during the past decade.

The Budget is largely being blamed for the drop in consumer confidence, but Westpac chief economist Bill Evans says the difficult economic circumstances are also to blame for the dive in consumer confidence.

“The fall, while large for a recent post-budget period, is not particularly significant in the context of the volatility we have seen over the last decade.”

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