Australian Consumer Confidence Falls as Victoria’s Second Wave Impacts Economic Recovery

A medical worker (centre L) speaks to people queueing outside a COVID-19 testing venue at The Royal Melbourne Hospital in Melbourne on July 16, 2020. William West/AFP via Getty Images

Australian consumer confidence has slumped again in July as Victoria experiences its second significant wave of COVID-19 cases, with the new lockdown sparking pessimism over economic recovery prospects.

The nation’s sentiment index plunged 6.1 percent to 87.9 percent in July, from 93.7 in June, according to the latest Westpac-Melbourne Institute Index of Consumer Sentiment (pdf) released on July 15.