Australian consumer confidence plunges to 1990s recession levels after RBA rate hike

Australian consumer sentiment fell about 20% following the RBA's fourth rate rise this year, reaching the most pessimistic levels since the early-1990s recession. The rate hike, the highest since 2011, is squeezing household finances and signaling potential economic slowdown. This sharp drop in confidence suggests weakening domestic demand, raising risks of a sharper growth downturn.