Australia Consumer Sentiment Hits Four-Year Low

Australian consumer sentiment fell 2.7% in November to 78.2, its lowest level since late 2022 and the third consecutive monthly decline. The deterioration reflects persistent inflation and cost-of-living pressures, alongside higher borrowing costs after the Reserve Bank of Australia raised its policy rate. Households remain deeply pessimistic, with the near-term economic outlook weakening sharply; mortgage holders were especially downbeat, and more than 70% of surveyed consumers expect mortgage rates to rise further over the next year.