According to the Westpac Melbourne Institute Consumer Sentiment Index consumer confidence in Australia has dropped slightly to 82,2% in May.
Increased cost of living and inflation are the main factors that make Australian consumers pessimistic about the economy while the fear of raising interest rates is also a reason that affects consumer sentiments and, consequently, their spending habits.
However, the Westpac Consumer Index paints a more optimistic picture of consumer sentiment towards employment.
The latest data were published the same day as the Telstra announcement of the reduction of its workforce by 2,800 jobs.
Listen to the audio accompanying this article for more information.
