Sky News Business Reporter Edward Boyd says consumer confidence, following the RBA’s decision to hike interest rates for a 10th time, has plunged to its lowest level since April 2020.
“People are not feeling confident at the moment with spending money – they’re really concerned, according to ANZ Roy Morgan, about rising interest rates,” Mr Boyd told Sky News Australia.
“This one of the, sort of, signs that we’re seeing of people tightening up their spending, maybe staying at home more, putting more money on the mortgage, and that’s what the Reserve Bank wants.”
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