A measure of Australian consumer sentiment has fallen for a third straight month as disappointing news clouded the outlook for the economy, a survey showed on Wednesday.
The survey of 1200 people by the Melbourne Institute and Westpac Bank found consumer sentiment fell 1.8 per cent in June, from May when it dipped 1.1 per cent.
Economic conditions, the federal budget, taxes and interest rates were the top news topics recalled by consumers, and developments in all were judged as "unfavourable".
Interestingly, all the deterioration in June came from female respondents, while males and those aged 18 to 24 turned more optimistic.
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The survey was taken in a week when official data showed the economy grew a slim 0.3 per cent in the first quarter, while annual growth was the slowest since 2009.
"The disappointing March quarter GDP update clearly had a hand in the weak result," said Westpac senior economist, Matthew Hassan. "The index is now back in firmly pessimistic territory."
The index reading of 96.2 was 5.8 per cent lower than in June last year and meant pessimists outnumbered optimists.
The main weakness came in the economic outlook with the measure on conditions for the next 12 months falling 4.8 per cent and that for the next five years down 8.3 per cent.
The index of family finances compared to a year ago slipped 1.5 per cent, though the outlook for the next 12 months oddly improved by 3.1 per cent.
A measure of whether it was a good time to buy a major household item also rose 1.7 per cent.
Reuters