Australia's consumer sentiment falls in June

13:44, June 09, 2010      

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Jittery financial markets and uncertainty surrounding the proposed mining super tax has hit consumer sentiment, which fell for a second consecutive month, Australian economist said on Wednesday.

The Westpac-Melbourne Institute consumer sentiment fell by 5.7 percent in June, despite the Reserve Bank leaving the cash rate unchanged in June.

The index had dropped 7.0 percent in May after the central bank raised the rate for a third consecutive month.

The cumulative 12.3 percent fall during May-June was the largest two-monthly fall since March 2008.

"(The index fall) seems to reflect a mixture of concerns about deteriorating conditions abroad, financial market turmoil and uncertainty around the government's proposed resource super profits tax," Westpac chief economist Bill Evans said releasing the monthly data.

Budget and tax headed the most recalled news item at 55 percent, the highest proportion for both since the introduction of the goods and services tax (GST).

"The perception was negative with a clear majority of those recalling the issue saying they viewed it as unfavorable," Evans said.

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