Business & Finance
Australia’s Consumer Confidence Slumps on Cost-of-Living Fears
Key Points
Australia’s Consumer Confidence Slumps on Cost-of-Living Fears Australia’s consumer confidence tumbled deeper into pessimistic territory in November after the Reserve Bank raised interest rates for a fifth time this year to tackle stubbornly strong inflation. The Consumer Sentiment Index declined 2.7% to 78.2 points, a four-year low, Westpac Banking Corp. said in a report on Tuesday. The November drop centered on a sharp deterioration in the near-term outlook for the economy, it said.
Australia’s Consumer Confidence Slumps on Cost-of-Living Fears
Australia’s consumer confidence tumbled deeper into pessimistic territory in November after the Reserve Bank raised interest rates for a fifth time this year to tackle stubbornly strong inflation.
The Consumer Sentiment Index declined 2.7% to 78.2 points, a four-year low, Westpac Banking Corp. said in a report on Tuesday. The November drop centered on a sharp deterioration in the near-term outlook for the economy, it said.