Consumer sentiment was unchanged in May, following on from a five per cent decline in April, according to the monthly survey from the Westpac-Melbourne Institute Consumer Sentiment Index. The survey said that it appears consumers were well prepared for the interest rate increase and have been largely unaffected by continued talk of further rate hikes. The resilience of consumers to rate increases was emphasised by the 4.9 per cent jump in confidence of mortgagees, after a 8.1 per cent fall in April. Westpac said it expects rates to rise by a further 0.25 per cent following next month's RBA meeting.
