Retail in Asia

In Markets

Economic woes dent Australian consumer confidence

Consumer confidence plunged last week after weak economic growth and retail data sparked worries Australia could be facing a sharp economic slowdown and even its first recession in a generation.

The weekly ANZ-Roy Morgan consumer confidence index dropped 5.8 percent to its lowest levels since July 2014, when sentiment was still affected by the measures of Coalition government’s first budget.

The slide comes after three weeks of market volatility during which confidence remained surprisingly stable, holding up above its long-run average.