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Australian consumer confidence falls faster than almost anywhere
Australians have suffered one of the steepest falls in consumer confidence in the developed world over the past year as stubborn inflation and rising interest rates batter household budgets, highlighting the Albanese government’s struggle to convince voters it is doing enough to tackle cost-of-living pressures.
Figures from the Organisation for Economic Co-operation and Development (OECD) show Australian consumer confidence fell 1.1 index points over the 12 months to September. Only households in Chile and Belgium recorded sharper declines in sentiment.
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Further rate rises risk tipping economy ‘over the edge’
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The chief economist of the nation’s biggest bank has warned the Reserve Bank could crash the economy if it pushes up interest rates much further amid signs oil prices could be stuck above $US100 a barrel in the run-up to Christmas, adding to inflation pressures.
Luke Yeaman, the Commonwealth Bank’s chief economist, said the RBA ran the risk of putting the country into a recession by jacking up rates when the full impact of its four rate hikes this year are yet to flow through the economy.
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