Australian consumer confidence falls to all-time low

Due to the rise in gasoline prices and consecutive interest rate hikes in February and March, Australian consumer confidence has been severely affected. According to data from the Australia and New Zealand Banking Group and polling agency Roy Morgan, the consumer confidence index fell by 5.4 points last week to 63.1 points, the lowest reading since the survey began in 1973. While short-term fluctuations in consumer confidence are not the main determinant of the Reserve Bank of Australia's interest rate decisions, given that inflation expectations have also risen to record highs, this particular reading may attract some attention.