In the wake of a four-month high, Australian consumer confidence has dipped 2.6-percent, according to ANZ-Roy Morgan joint research.
Consumer confidence now sits around 80 percentage points, massively below the index average of 112.
The drop comes as talk surrounding a looming recession has increased, likely influenced by the RBA’s risen cash-rate to combat increasing inflation.
“Softer reading not all that surprising given what has been happening in markets and with more talk of a possible global recession,” said ANZ Australian economics chief David Plank.
ANZ research has also revealed that the end of petrol excise cut and the resulting jump in fuel prices is likely to have also factored into the consumer confidence decline.