Australian News / 10 April 2024
Putting your credit cards on ice
If you’ve held off on making a purchase in the past few months, you’re not the only one… The latest weekly data from ANZ-Roy Morgan shows Aussie consumer confidence has fallen to levels not seen since the 1990s recession. It fell 0.9 points this week to 81.9 – the 62nd consecutive week it’s been below the target mark of 85. ANZ economist Madeline Dunk pointed out that’s “23 weeks longer than during the 1990s recession”. The Westpac Melbourne Institute Consumer Sentiment Index was also out yesterday and showed a similar trend… Westpac Group economist Matthew Hassan reckons outside of the 90s, “this is easily the second most protracted period of deep consumer pessimism since we began surveying in the mid-1970s”. As for something on the way up, that would be Aussies’ expectations for more inflation – particularly the rising cost of petrol…
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