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Australia Consumer Sentiment Improves In May

Australia's consumer confidence improved in May, data from Westpac showed Wednesday.

The Westpac-Melbourne Institute Index of Consumer Sentiment rose 0.6 percent to 101.3 in May from 100.7 in April. The indicator has held above 100 for ten of the last twelve months.

Readings before the Budget announcement were much lower than in the post Budget period, indicating that it had been well received by consumers, Bill Evans, chief economist at Westpac said.

Despite the Reserve Bank ultimately deciding not to cut the cash rate at its May Board meeting it is likely that households are much more confident this month than previously that interest rates are likely to come down further, said Evans.

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