Post-budget, consumer confidence is now falling at its fastest rate since the GFC

Post-budget, consumer confidence is now falling at its fastest rate since the GFC. ANZ-Roy Morgan reports that: Consumer Confidence fell a further 3.2% to 100.4 in the week ending 18 May, after the 2014-15 Commonwealth Budget was handed down. Consumer Confidence began weakening noticeably four weeks ago when some significant policies were leaked ahead of the Federal Budget's release and is down a sharp 14% since then; the steepest decline over a four week period since the series became weekly in October 2008. Respondents' perceptions of 'financial situation compared to a year ago', which is most correlated with households' spending growth, suggests consumer spending could soften in the near term. This sub-index fell 3% last week and has weakened notably over the past two months. Full report available from ANZ-Roy Morgan here: (VIEW LINK)