SYDNEY – A measure of Australian consumer sentiment sank in November as rising interest rates and surging inflation clouded the outlook for family finances and the economy, though actual spending has yet to follow.
The Westpac-Melbourne Institute index of consumer sentiment released on Tuesday slid 6.9 percent in November from October, to be down almost 26 percent on a year earlier. The index reading of 78.0 meant pessimists greatly outnumbered optimists and back to lows not seen since the start of the pandemic.
“Prior to that, we need to go back to the deep recession in the early 1990s to find a weaker read,” said Westpac chief economist Bill Evans.
“Interest rate rises were a …
Keep on reading: Australian consumer sentiment slides as rates, inflation surge