Australian consumer confidence has fallen sharply following the Reserve Bank’s latest interest rate hike, with households now at their most pessimistic levels since the early 1990s recession. The Westpac–Melbourne Institute index shows a roughly 20% drop in sentiment since rates reached their highest point in a decade. Economists warn rising borrowing costs are weighing heavily on household spending and financial outlook. The trend underscores growing economic uncertainty as rate increases continue.
Key indicator dropped about 20% after the Reserve Bank last month announced the highest interest rates since 2011Get our breaking news email, free app or daily news podcastAustralian households are the most persistently pessimistic they have been since the early-1990s recession, after a fourth rate rise this year.Confidence among Australian consumers has plunged about 20% since the Reserve Bank of Australia lifted interest rates to the highest levels since 2011, according to the Westpac–Melbourne Institute consumer sentiment index. Continue reading...
