Australian monthly consumer confidence -2.6% to 79.9 (prior +2.9%)

• biggest monthly drop in 6 months
• prior was +2.9%
• drop to 79.9 from prior 82.0
• index has been below the neutral 100 level since March 2022, the longest streak since the early 1990s recession
• survey found a 6% drop in confidence immediately after the Reserve Bank of Australia (RBA) last week lifted interest rates by 0.25% to a 12-year high of 4.35%

Westpac:

• “The RBA’s hike has put renewed pressure on family finances and reignited concerns about both the rising cost of living and the prospect of further rises to come.”

Earlier, another dire week for consumer sentiment:

Australian consumer confidence plummets to a 4-month low as the RBA raises cash rate

            This article was written by Eamonn Sheridan at www.forexlive.com.