Economic Buzz: Australia Westpac Consumer Sentiment Deteriorates In June

Australias consumer confidence weakened in June as deepening concerns about the economy outweighed the initial boost from lower interest rates, survey data from Westpac showed Wednesday. The Westpac-Melbourne Institute Index of Consumer Sentiment fell to 100.7 in June from 101.3 in May. The sub-index tracking the economy over the next twelve months dropped the most, by 4.7 percent. Meanwhile, the indicator for finances, next 12 months rose 3.1 percent in June. The unemployment expectations index registered a 5.1 percent increase, reversing the decline in the previous month. At the same time, the time to buy a dwelling index posted a 1.8 percent rise to 116.9.