Consumer sentiment fell to the lowest level since 1992 in July, the Westpac Melbourne Institute Index of Consumer Sentiment revealed today.
The July index fell a significant 6.7 per cent, which followed a drop of 5.6 per cent in June.
Bill Evans, Westpac chief economist, said petrol prices were likely a key reason for the sharp fall, with prices up 15.3 per cent in just the last three months.
He said the latest results pointed to a period of “very weak” consumer spending and associated economic activity.
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