Overview

• A Westpac-Melbourne Institute survey found consumer sentiment rose 0.5% in June to 92.6 but remained below the neutral 100 mark.
• The Reserve Bank of Australia reduced its cash rate by 25 basis points to 3.85% in mid-May and signaled willingness to lower rates further.
• National Australia Bank data showed its business conditions index slipped to zero in May with retail profitability and confidence under pressure.
• Households downgraded their personal finance expectations by 1.9% and cut their 12-month economic outlook by 2.4%, even as they signaled stronger buying intentions for major items.
• Markets are pricing in another RBA rate cut in July after first-quarter GDP barely grew and inflation continued to moderate.