Consumer confidence has fallen -- despite GDP rising
Consumer confidence has fallen -- despite GDP rising
22 September 2023
The Westpac McDermott Miller Consumer Confidence Index fell 2.9 points in September to 80.2 --- well below average.
In September, only 10 percent of surveyed households had seen their financial position improve -- the lowest result in 35 years.
Westpac senior economist Satish Ranchhod says confidence is lingering at extremely low levels -- pointing to a signifcant degree of concern about where the economy's heading.
He says at these low levels, confidence will be a drag on spending into the Christmas shopping season.
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