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Rate Rise "crushes" Consumer Confidence In O Z

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Last Update: Wednesday, August 16, 2006. 11:00am (AEST)

Consumer confidence hit: The index has plunged 16.2 per cent this month. (ABC TV)

Rate rise crushes consumer confidence :o

This month's rise in official interest rates and persistently high petrol prices look to have severely damaged consumer confidence.
The Westpac-Melbourne Institute index of consumer sentiment has plunged 16.2 per cent this month.
It is the second biggest drop in the 31-year history of the survey.
It means the mood of Australian households is the gloomiest it has been since 2001.
Westpac's chief economist, Bill Evans, says there has been a combination of factors.
"Clearly the major reason was the interest rate increase that the Reserve Bank introduced on the 4th of August and I think there's also quite an element of concern about petrol prices," he said.

Could the euphoric optimism among our sheeple soon start to evaporate as petrol prices, IR hikes, infaltion start to dawn on the minds of those who had bought into Gordon's concept of a Miracle Economy?

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