Australian consumer confidence plummets on weak economy data

Consumer confidence is dropping in Australia. (Image: Wikimedia)

Thu, 13 Jun 2024

Sydney — Australian consumer confidence recorded its biggest weekly fall of the year last week after data showing the economy remained largely lifeless in the first quarter, amid recent warnings from the Reserve Bank of Australia that further interest rate increases may still be required.Consumer confidence declined 3.5 points over the week to 77 points, according to a survey by pollster Roy Morgan and the ANZ Bank.The confidence reading fell below 80 points for the first time in six months, with broad-based declines in all major con...

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