‘Cost-of-living nightmare’: Consumer confidence slumps to historic low
Australian consumer confidence has plummeted to its lowest level since 1990 following consecutive interest rate hikes and rising living costs. Economists warn that households are facing a 'cost-of-living nightmare' with little expectation of relief in the near future.
Why it matters
This decline in sentiment signals a potential economic slowdown or recession, impacting household spending and national economic stability.
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Share A A A Households will face “recession-like” conditions next year, a leading forecaster has warned, as fresh evidence shows consumers are losing confidence in the economy amid growing cost-of-living pressures.
A key gauge of consumer sentiment has fallen to a historic low after the Reserve Bank lifted official interest rates to a 15-year high last week and average petrol prices pushed above the $2.30 a litre mark.
Australia’s gloomy consumers are also on high alert for further interest rate increases. Aresna Villanueva The latest Westpac-Melbourne Institute consumer sentiment index, released on Tuesday, fell 4.7 per cent in October to 80.4 points – its lowest level since April.
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