The sychronised collapse in Australian economic confidence
Gary Morgan, Michele Levine and Julian McCrann from Roy Morgan have called on the Reserve Bank of Australia (RBA) to pause interest rate hikes, arguing that “the Australian economy is already in a weakened state, and perhaps already in a recession” and that further rate hikes would deliver “the recession we don’t have to have”.
They cited the twin collapses in consumer and business confidence to historical lows.
“The latest ANZ-Roy Morgan Consumer Confidence Rating is at only 67.8 – over 30 points below the neutral level of 100. This is the seventh lowest Consumer Confidence reading of all-time – and the all-time record low of 58.8 was reached only a few weeks ago. Six of the seven lowest Consumer Confidence readings of all time have occurred in the last six weeks”:
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