Australia Consumer Confidence Posts Biggest Fall Since Covid

Australian consumer sentiment tumbled the most since 2020 while business confidence also nosedived as soaring fuel prices coupled with higher interest rates triggered dramatic falls in both readings.

Consumer sentiment plummeted 12.5% to 80.1 points in April, Westpac Banking Corp. said in a statement on Tuesday. Near-term expectations dropped back to 2022–23 lows that were last seen during the post-Covid “cost of living” crisis.