Consumer confidence has hit a decade low, with households pessimistic about their financial conditions over the next 12 months, and their economic conditions over the next five years.
The results are from the ANZ-Roy Morgan Australian Consumer Confidence rating based on 1,010 interviews.
ANZ Economist Sophia Angala said consumer confidence remained very weak at 77.1 points, dropping 3.4 points since the RBA increased the cash rate to 3.85 percent.
“We now expect modest GDP growth of 1.8 percent year-on-year through 2026,” Ms Angala said in a statement.
“The weaker level of consumer confidence following the February RBA rate hike is likely to dampen household consumption growth and support this soft result in the near term.”
