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The Guardian - AU
The Guardian - AU
National
Ben Butler

Consumer confidence plunges to worst level since peak of pandemic, Westpac survey shows

Westpac Pandemic Anneke Thompson Covid-19 Inflation Interest Rates
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Westpac said the survey showed ‘a clear picture of a slump in sentiment being driven by rising inflation … and a loss of confidence around the economic outlook’. Photograph: Dan Himbrechts/AAP

Consumer confidence has plunged as sharemarkets fall and the cost of living soars because of surging inflation and rising interest rates.

The Westpac-Melbourne Institute consumer sentiment index toppled 4.5% in June, reaching 86.4 – nearly as low as the levels seen during the global financial crisis and at the height of the Covid pandemic.

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