Ballooning inflation and rising interest rates have sent consumer confidence reeling, but the mood among low paid workers may get a lift after the Fair Work Commission awarded them a 5.2 per cent wage increase.
Two gauges of consumer confidence fell to multi-year lows in the wake of the Reserve Bank of Australia lifting the cash rate by a larger than expected 50 basis points last week.
RBA governor Philip Lowe in a rare television interview said decisive action was needed in the face of rising inflation, which he now expects could reach seven per cent by the end of this year compared to 5.1 per cent now.
