Economics

Australia Consumer Confidence Plunges as Price Expectations Jump

Shoppers carrying bags along a street in Sydney, Australia, on Feb. 28. — Shoppers carrying bags along a street in Sydney, Australia, on Feb. 28.
Photographer: Brent Lewin/Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Swati Pandey

March 21, 2022 at 10:35 PM UTC

This article is for subscribers only.

Australian household sentiment slumped to the lowest since September 2020 as soaring gasoline prices pushed inflation expectations to 6%.

Australia & New Zealand Banking Group Ltd.’s guage of consumer confidence dropped 4.8% to 91.2 points in the week to March 20, a statement Tuesday showed. Sub-indexes on current financial conditions fell 5.4% and future financial conditions slid 4.6%, respectively.