After reaching record highs in February, optimisim about the future of the economy has slumped following the May Federal Budget, according to a survey released by Allianz.
Allianz and Newspoll had conducted a bi-monthly survey, which measures Australians' level of optimism about the future of the economy, environment and society.
The survey found optimism about the future of the economy slumped following the May Federal Budget, with the largest decline in sentiment experienced by West Australians.
"Australians began 2013 in a much more optimistic frame of mind when it comes to their outlook on the economy; however, this has proved short-lived," according to Allianz Australia managing director Niran Peiris.
"After rising to a 12-month high in February, optimism about the future of the economy has slumped following the May Federal Budget."
The decline in optimism was particularly apparent among older Australians, Peiris added, while sentiment among Labor voters fell significantly more than for Coalition voters.
