Australia's consumer confidence in June fell to a historic low as borrowing costs and oil prices squeezed household finances

(1) A survey released on Tuesday showed that the Australian consumer confidence index fell by 2.9% to 80.6 in June, ranking among the lowest levels in the survey's 50-year history (a reading below 100 indicates that pessimists outnumber optimists). (2) Analysts from Westpac Banking Corporation indicated that expectations for housing prices have dropped sharply, and some consumers feel uneasy about the government's newly announced proposals to adjust tax incentives for buying and renting properties. Additionally, the three rate hikes by the Reserve Bank of Australia this year and the surge in gasoline prices triggered by the Middle East conflict have severely hit confidence. (3) Driven by pressures from the cost of living, household financial expectations fell sharply in June, the long-term economic outlook darkened, and consumers reduced their expectations for future increases in housing prices.