Australian consumer confidence sinks to 30-year low after RBA rate hike

Consumer confidence in Australia has hit a 30-year low following the Reserve Bank of Australia's latest interest rate hike, reflecting growing voter dissatisfaction with the Albanese government's economic policies.

The Westpac-Melbourne Institute consumer sentiment index dropped 4.7% in October, landing at 80.4 points, its lowest level since April. This sharp decline signals mounting financial anxiety among Australians as the central bank continues to raise rates.

The October data underscores the impact of the RBA's monetary tightening on household sentiment. The index's fall to its weakest point since the early 1990s recession highlights the severity of the current economic concerns.