Consumer sentiment nudges up amid 'cautious pessimism': Westpac survey

The news: Australian consumer sentiment edged higher in early June, according to the latest Westpac-Melbourne Institute index, with consumers stuck in a holding pattern of "cautious pessimism."

The numbers: The index rose 0.5% from 92.6 in May to 92.1 in June.

The context: Westpac head of Australian macro-forecasting Matthew Hassan said the survey shows "two clear opposing forces at work".

On the positive side, he said, the Reserve Bank's May interest rate cut and moderating inflation are providing "significant boosts", particularly around buyer attitudes towards major purchases. However, more sluggish domestic growth and uncertainty around global trade are "continuing to weigh heavily on expectations", Hassan noted.