A measure of Australian consumer confidence fell sharply in May as households reacted negatively to the government's budget announcement, even after a cut in interest rates to a record low. The poll of 1,200 people by the Melbourne Institute and Westpac Bank was conducted in the week the Labor government delayed a long-promised return to a budget surplus. The government blamed a stubbornly high Australian dollar and lower commodity prices for a dramatic fall in revenues. It also came after the Reserve Bank of Australia cut its cash rate by a quarter point to a record low 2.75 percent. The report's index of consumer ... (full story)