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Consumer Confidence Plunges in 2008 |
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Written by Marc Pallisco
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Friday, 18 January 2008 |
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The Westpac Melbourne Institute of consumer confidence plunged by 8.3 per cent this month, to land at 103.1 point, its lowest point for more than a year.
The survey reported a 20 per cent fall in expectations about economic conditions in the year ahead, and is now 5.9 per cent lower than the rate is was twelve months ago.
Rising mortgage rates, high petrol prices – which it has been speculated could hit $2 by the end of the year – and fears of a US recession have been cited as reasons for the dramatic fall.
The WMI survey has shown parallels with office leasing activity in the major CBD markets.
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