Australian economy risks downturn as consumer sentiment plummets 12.5 percent

The Australian economy faces a potential downturn amid falling consumer and business confidence. The Westpac-Melbourne Institute index of consumer sentiment dropped 12.5 percent in April, the steepest decline since April 2020. Economists warn that rising fuel prices may lead to increased inflation and necessitate further interest rate hikes by the Reserve.

Summary by Glance · SMH