Australian consumer confidence fell 4.7% in October to 80.4, hit by Reserve Bank
of Australia rate hikes and rising fuel prices and with households increasingly
worried about job prospects. Westpac's head of Australian macro Matthew Hassan
said consumers remain trapped in a cost‑of‑living 'nightmare', and noted the
reading is among the 40 weakest monthly results since the early 1970s. Westpac
expects the RBA to raise rates again at its November meeting.
