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‘The consumer is on a spending strike’: Confidence continues to drop

Consumer sentiment has continued to fall amid growing concerns about the state of the Australian economy.

The monthly Westpac-Melbourne Institute consumer sentiment index fell 1.9 per cent in December.

Westpac chief economist Bill Evans tells Ross Greenwood people are concerned about job security.

“I would expect by the middle of the year the Reserve Bank that wants to see the unemployment rate down at 4.5 per cent will be dealing with around 5.6 per cent.

“The consumer is on a spending strike and that’s not encouraging for business investment.”

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Image: Getty/Parinda Yatha/EyeEm

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