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Consumer Confidence Continues To Fall

Consumer confidence has dropped for a second straight week, with economic outlook in these uncertain times driving the fall.

According to ANZ and Roy Morgan’s weekly survey, consumer confidence fell 2.5 per cent last week, following a 1.2 decline the previous week.

Aside from the continued inflationary pressure, the Reverse Bank’s rate hike, along with the promise of further leaps, has seen confidence drop in all states, aside from South Australia.

Since April, confidence among mortgage holders has fallen 25 per cent, while inflation expectations increased by 0.1 per cent to 6 per cent – the highest since late March.

“The RBA’s 50bp rate hike last week weighed on sentiment, with confidence falling for those people paying off a mortgage by a sharp 5.4 per cent,” said Felicity Emmett, senior economist at ANZ.

“This continues the trend in place since late April when the high March quarter inflation report brought forward rate hike expectations.”



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