Consumer confidence has dropped to levels last seen during Labor's recession in the early 1990s, according to the Federal Opposition.
Consumer confidence has dropped to levels last seen during Labor’s recession in the early 1990s, according to the Federal Opposition.
The Westpac-Melbourne Institute Index of Consumer Sentiment fell by a further 6.7 per ent in July to 79.0, down from 84.7 in June.
Westpac reported there is “historical evidence to support petrol prices as the key explanation behind this recent fall in Sentiment.”
This contradicts Labor’s election platform according to Shadow Treasurer Malcolm Turnbull, which he says built an expectation “they would be able to keep prices lower”.
“This continuing decline in consumer sentiment must ultimately reflect a lack of confidence in the Government. Confidence can hold up in tough economic times if the public believe the Government has the capacity to manage those tough times,” he says.