Australian consumer confidence plunges to lowest level since late 1990s after RBA rate rise
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Australian consumer confidence dropped 4.7% to 80.4 in October, and fell to 67.2 for respondents surveyed after the Reserve Bank of Australia announced a fourth interest rate rise this year on 29 September, reaching the lowest level since the late 1990s. Westpac’s head of Australian macro-forecasting, Matthew Hassan, noted that households are experiencing the longest period of extreme pessimism since the early-1990s recession.
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