‘Troubling’ plunge in confidence

Consumer confidence tumbled to a two-year low during the first week of July, a survey of households suggests.

The Westpac-Melbourne Institute consumer sentiment index released on Wednesday fell 4.1 per cent to 96.5 in July, dipping below the 100-point mark that separates optimism from pessimism.

“The fall in sentiment this month is troubling as it comes against what should have been a supportive backdrop for confidence,” Westpac economist Matthew Hassan said.