Confidence in tatter
Consumer confidence fell 2.5 per cent and is in an absolute two-and-eight, according to the latest index from ANZ- Roy Morgan.
And the outlook for household financial conditions is now every bit as bleak as it was in the early days of the pandemic.
This isn't a dynamic unique to Australia, with consumer sentiment plunging all around the world in response to monetary tightening and cost of living pressures.
NAB's survey also showed business confidence dropping to a reading of 1 (down from 10 only two months ago).
With construction costs and rents still rising, and the next official inflation figure expected to be a strong one, there will be a further interest rate hike to follow in August.
It will be a tough judgement call for the Reserve Bank to judge when to step back from tightening policy given the limited availability of timely data.
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Housing prices are on the way down in Sydney and Melbourne, according to CoreLogic's daily home value index (which itself is probably some way behind the reality).
