Consumer sentiment took an unanticipated 5.6 per cent plunge in June, the Westpac Melbourne Institute Index of Consumer Sentiment revealed yesterday.
The index now sits at 84.7 – the lowest level recorded since December 1992.
Bill Evans, Westpac chief economist, said that petrol prices were likely the largest contributor to the fall in light of no changes to interest rates – which is the usual cause of any large deterioration in the index.
In fact the confidence of those holding a mortgage fell by just 4.1 per cent compared to the confidence levels of those that own their home (5.8 per cent) or rent (7.8 per cent).
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