Australian Consumer Sentiment Slumps to 80.4 in October Following RBA Rate Hike

Australian consumer confidence deteriorated sharply in October, with the Westpac-Melbourne Institute Consumer Sentiment Index dropping 4.7% to 80.4 from 84.4 in September. Sentiment collapsed from 86.9 prior to the Reserve Bank of Australia's recent rate hike to 67.2 afterward, matching early-1990s recession lows. Households face mounting pressure from petrol prices exceeding $2.30 a litre and a cash rate at 4.6%, the highest since 2011. Despite weak morale, Westpac forecasts another RBA rate hike in November as inflation pressures persist.