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Mortgage holder confidence crashes to lowest level since 1994 amid recession fears

Australian mortgage holder confidence crashes to a four-year low in November amid recession fears and cost-of-living pressures.

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Westpac survey data reveals Australian household confidence hit a four-year low in November, driven by deepening pessimism about near-term economic prospects. Matthew Hassan, Westpac's head of economic forecasting, noted that indebted households showed the worst sentiment recorded since 1994, echoing feelings of helplessness similar to the pandemic era.

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Mortgage holder confidence crashes to lowest level since 1994 amid recession fears

A recent survey reveals that confidence among households with mortgages has collapsed to its lowest level recorded since 1994, reflecting deepening anxiety about the economic outlook. Borrowers are expressing a profound sense of helplessness as rising costs and stagnant wages erode their financial security, creating a sentiment that the current year feels like a recession. This historic drop in morale suggests that the psychological impact of the economic downturn is as severe as the financial metrics themselves. The data indicates a significant shift in consumer behavior that could further dampen spending and investment across the economy.

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