Australia data - ANZ Roy Morgan weekly consumer confidence 87 (prior 90.7)

This week's result, 87, is the worst since August of 2020.

ANZ comments:

• ANZ-Roy Morgan Aus Consumer Confidence dropped 4.1% last week, most likely on cost-of-living concerns, as inflation expectations rose to 5.7%, its highest weekly reading since early April.

The Reserve Bank of Australia will give it another kick later today when they raise the cash interest rate for the second month in a row:

• RBA monetary policy meeting Tuesday, 7 June 2022 - preview

• the RBA free to hike rates again this month by 25bp
• Westpac forecasts a 40bp interest rate hike from the RBA
• ANZ are forecasting a 40bp interest rate rise. citing wages.

• Poll shows the consensus estimate for the RBA next week is a 25bp interest rate rise

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