Economic Buzz: Australia Westpac Consumer Confidence Worsens In August

9 Aug 2022 , 03:33 PM

Australia consumer confidence worsened further in August amid surging inflation and interest rate hikes, survey data from Westpac showed on Tuesday. The Westpac-Melbourne Institute Index of Consumer Sentiment fell 3.0 percent to 81.2 in August from 83.8 in July. There has been a cumulative decrease of 22.9 percent since the index reached its high in November 2021, Westpac said. Further, the latest reading is comparable to the lows of the Covid and the global financial crisis. Powered by Commodity Insights