Australian consumers and businesses are increasingly feeling bleaker about the country’s economic outlook as interest rates and inflation continue to rise.
Three surveys by Westpac bank and Melbourne Institute, ANZ bank and Roy Morgan, and National Australia Bank (NAB) have found that consumers and mortgage holders are getting more and more pessimistic about the future.
According to AMP senior economist Diana Mousina, the drops in sentiment were not surprising as consumers and businesses were facing high recession fears domestically and globally, rising inflation, and interest rate hikes.
The Westpac-Melbourne Institute Index of Consumer Sentiment dipped three percent to 83.8 points in July, marking the seventh consecutive monthly drop….