Soaring interest rates and falling house prices are crushing consumer confidence

Sky News Business Editor Ross Greenwood warns soaring interest rates and falling house prices are crushing consumer confidence across Australia.

“If your home price is falling, you get very worried as a family,” Mr Greenwood told Sky News host Peta Credlin.

“You’re worried also because you’ve already seen three interest rate rises this year, and maybe we’re going to see at least another one this year.

“All of these things combine into seeing right now consumer confidence is worse than it’s been even in the COVID years.

“That has a knock-on effect on retailers, on restaurants, on anywhere that has discretionary spending.”