Economic Buzz: Australia Westpac Consumer Confidence Weakens

12 Jul 2022 , 02:17 PM

Confidence among Australian consumers worsened further to new lows in July amid surging inflation and interest rate hikes, survey data from Westpac showed. The Westpac-Melbourne Institute Index of Consumer Sentiment fell 3.0 percent to 83.8 in July from 86.4 in June. The sentiment is now down 19.7 percent since December, falling every month this year. Moreover, the pace of deterioration in the index in July was earlier seen during periods of major disruption in the Australian economy. The survey was conducted among 1,200 households from July 4 to 7. Powered by Commodity Insights