A key measure of Australian consumer confidence has sharply plunged this month as turmoil in global financial markets made people feel gloomy about the economic outlook, a survey today showed.
The Westpac-Melbourne Institute consumer sentiment index dived 11 per cent, or 10.2 points, to 82.0 in October, morethan reversing September's 7 per cent bounce and left the index down 28.9 per cent on October last year.
The survey was taken before yesterday's big 1 per cent cut in interest rates by the Reserve bank of Australia (RBA).
