Consumer confidence lowest in four years after RBA cut
Westpac's closely watched measure of consumer sentiment fell by 5.5 per cent in October to sit 8.6 per cent lower than a year ago. Confidence has fallen 8.4 per cent since the RBA started cutting rates in June.
- Australians are increasingly worried about the country’s economic future in both the short and the long term.
- While expectations about house prices have risen strongly, there was a 5.4 per cent drop in the measure of whether it is a good time to buy a property.
- Contributing to lack of confidence is lack of federal government stimulus spending, failure of big banks to pass on all of recent interest rate cuts, and ongoing stagnation of wages.