Australian consumer confidence plunges to worst level since 1990s after RBA rate rise
Australian consumer confidence has fallen to its lowest level since the early 1990s following a series of interest rate hikes by the Reserve Bank of Australia. Households are reporting extreme pessimism regarding the cost of living and the economic outlook.
Why it matters
This indicates a severe economic strain on Australian households, which could lead to reduced consumer spending and potential recessionary pressures.
Consumer confidence has dropped to a 30-year low after RBA governor, Michele Bullock, announced a fourth rate rise last month. Consumer confidence has dropped to a 30-year low after RBA governor, Michele Bullock, announced a fourth rate rise last month. Reserve Bank of Australia Australian consumer confidence plunges to worst level since 1990s after RBA rate rise Key indicator dropped about 20% after the Reserve Bank last month announced the highest interest rates since 2011
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Prefer the Guardian on Google Australian 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.
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