Lowest since 1973.
Australian consumer confidence in ANZ-Roy Morgan reached its lowest level since records started in 1973.
The decline is probably due to the RBA’s decision last week to raise the cash rate to 4.10% as well as the effects of the Middle East crisis on oil prices and the economic outlook.
Last week, inflation expectations reached an all-time high due to significant rises in gasoline prices through March.
Both the “time to buy a major household item” subindex, which is at its lowest level since the announcement of pandemic lockdowns in late March 2020, and household confidence in their present and future financial situation declined significantly.
Is the RBA supposed to hike three more times this year?
Emergency mid-meeting cuts are more likely.
But not before the diesel machinery grinds to a halt, followed by a massive jump in unemployment.
