RBA Paused, Consumer Confidence Slips
Consumer confidence fell 0.8 points this week to 73.3 points even though the RBA left the cash rate unchanged.
‘Current,’ ‘future financial conditions,’ and ‘future economic conditions’ were offset as a sharp decline occurred in the ‘time to buy a major household item.’
For those paying off homes, consumer confidence fell 3.4 points, the lowest level of confidence on record for this.
‘Time to buy a major household item’ plummeted 6.8 points to the lowest point since April 2020.