Australian consumer confidence plunges to worst level since 1990s after RBA rate rise

Australian consumer confidence has dropped to its lowest level since the 1990s after the Reserve Bank of Australia raised interest rates. This significant decline is a result of the highest interest rates since 2011, announced last month. The Westpac-Melbourne Institute consumer sentiment index shows a 20% drop in confidence among Australian consumers. This pessimistic outlook among households is the most persistent since the early-1990s recession, indicating a potential slowdown in the Australian economy.

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The RBA rate rise has led to a plunge in consumer confidence. This could lead to decreased spending and investment in the country.

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