Why did consumer confidence fall to a 30-year low in January?

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Why did consumer confidence fall to a 30-year low in January?

Australia's consumer confidence in the first 15 days of January 2022 plunged to 97.9. This was the lowest reading since January 1992, when the unemployment rate in the economy was between 10-11%, and the economy was trying to recover from a painful recession. According to the ANZ-Roy Morgan survey, consumer confidence fell 7.6% last week. 

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