April's index figure was 118.8 following a sharp rise of 11% over the previous three months, up significantly from its low of 75.6 in April last year. 

Westpac chief economist Bill Evans put May's pull-back down to "disappointment" in the Federal Budget released last week. 

"No doubt the Budget achieved a positive political objective with a 1% dip in confidence amongst Coalition voters contrasting to an 8.1% fall in confidence amongst ALP supporters," he said.

Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Update resultsUpdate
BankSavings AccountBase Interest Rate Max Interest Rate Total Interest Earned Introductory Term Minimum Amount Maximum Amount Minimum Monthly Deposit Minimum Opening Deposit ATM Access Joint Application TagsFeaturesLinkCompare
4.40% p.a.
5.75% p.a.
Intro rate for 4 months
then 4.40% p.a.
$980
4 months
$0
$250,000
$0
$0
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
0.55% p.a.
Bonus rate of 4.95%
Conditions apply.
5.50% p.a.
$1,128
$0
$100,000
$1,000
$0
1.20% p.a.
Bonus rate of 4.20%
Conditions apply.
5.40% p.a.
$1,107
$0
$250,000
$1,000
$0
Featured
  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
4.75% p.a.
5.35% p.a.
Intro rate for 4 months
then 4.75% p.a.
$1,001
4 months
$0
$249,999
$0
$0
Featured
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
0.50% p.a.
Bonus rate of 4.85%
Conditions apply.
5.35% p.a.
$1,097
$1
$50,000
$500
$1
  • Maximum Age - 24
0.10% p.a.
Bonus rate of 5.00%
Conditions apply.
5.10% p.a.
$1,044
$0
$250,000
$200
$0
Featured No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
0.05% p.a.
Bonus rate of 4.95%
Conditions apply.
5.00% p.a.
$1,023
$1
$250,000
$20
$0
  • No fees or penalties for withdrawing money
  • Savings guaranteed up to $250,000
  • Maximise your savings and reach your goals faster with Auto-Savings
0.05% p.a.
Bonus rate of 5.45%
Conditions apply.
5.50% p.a.
$1,128
$0
$50,000
$1,000
$0
For customers aged 14-35 years
0.05% p.a.
Bonus rate of 5.30%
Conditions apply.
5.35% p.a.
$1,097
$0
$250,000
$1,000
$0
Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of . View disclaimer.

Mr Evans also said there were few "surprises" in the Budget, which "was still unable to exceed the exuberant expectations of the community". 

This could be due to many major Budget items being leaked to the press in the days prior to the Budget being officially announced.

The consumer confidence index's pull-back is at odds with results seen in ANZ-Roy Morgan's weekly index released yesterday, which showed a 'post Budget bounce' instead.

All of the Westpac-Melbourne Institute index categories experienced a slight pull-back on April's results, including 'Family finances next 12 months', down 6.9%.

However, a fall is a positive in the 'unemployment expectations' index, which is at a ten-year low, meaning more people expect employment conditions to improve in the year ahead.

Mr Evans said this "suggests lingering concerns around the end of JobKeeper have eased". 

'House price expectations' fell 0.1% to 163.8 in May, which is still 124.6% up on a year ago.

However, this was balanced out by the 'time to buy a dwelling' index, falling 3.4% in May - 21.6% below its peak in November 2020.

Victorians led the fall in 'time to buy a dwelling', down 20% in May, which could be due to 'fragile' property market fundamentals in Melbourne.

More to come...

Photo by Nghia Le on Unsplash





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