Consumer confidence weakens due to higher living costs and potential rate hikes.
Higher living costs are dampening consumer confidence, which may remain weak in an upcoming survey due to potential rate hikes. While tax cuts may offset some negative sentiment, higher inflation and strong retail trade numbers indicate that rates may need to stay elevated, possibly rising further. The latest survey from Westpac and the Melbourne Institute is expected to show weak consumer sentiment.
July 06, 2024
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