20.05.201422:32:00UTC+00Australia Consumer Confidence Plummets In May

An index measuring consumer confidence in Australia turned sharply lower in May, the latest sentiment survey from Westpac revealed on Wednesday, checking in with a score of 92.9.

That's down 6.8 percent from the April reading of 99.7, and represents the lowest score since August 2011.

Concerns over the proposed budget released last week were the key drag, Westpac said.

"The sharp fall in the index is clearly indicating an unfavorable response to the recent Federal Budget," said Westpac Chief Economist Bill Evans.

A score below 100 means that pessimists outnumber optimists.