Consumer confidence lowest since Victoria lockdown

Despite low consumer confidence, Australian businesses are continuing to show resilience, with 12 out of 13 industries increasing their monthly business turnover, as outlined by Brendan Rynne.

Consumer confidence has slumped in the wake of rising inflation and a hike in interest rates, falling 5.6 per cent between April and May, according to the Westpac-Melbourne Institute Survey of Consumer Sentiment. It’s now at levels not seen since the second, 112-day COVID-19 lockdown in Victoria in 2020. New data also shows a slight fall in jobs over the month to 16 April (-0.8 per cent), but the total for jobs is still about 2 percent higher than it was a year ago. More importantly, the d...

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Authors: Brendan Rynne

Published Date: 17 May 2022