{
  "id": 19290990,
  "title": "Mortgage holders’ confidence crashes to lowest level since 1994 as year that ‘feels like a recession’ looms",
  "url": "https://urgent.news/2026/11/10/mortgage-holders-confidence-crashes-to-lowest-level-since-1994-as",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-10T05:17:31.000Z",
  "source": {
    "name": "The Guardian",
    "slug": "the-guardian",
    "url": "https://www.theguardian.com/australia-news/2026/nov/10/mortgage-holders-confidence-crashes-to-lowest-level-since-1994-as-year-that-feels-like-a-recession-looms"
  },
  "original_language": "en",
  "account": "A new Westpac survey has revealed that confidence among homeowners has hit a low not seen since 1994, amid a growing sense of \"helplessness\" about the economy, signaling a possible recession soon. The Consumer Sentiment Index dropped to a four-year low in November, reflecting deepening pessimism about the near-term economic prospects. Prime Minister Anthony Albanese downplayed tensions with Treasurer Jim Chalmers, praising Chalmers' performance while emphasizing ongoing economic reforms. Matthew Hassan, Westpac's head of economic forecasting, noted that this bleak mood is reminiscent of the depths of the Covid pandemic, the GFC, and the early 1990s recession. The current economic backdrop, while not as severe as those times, still carries a sense of helplessness, similar to the pandemic lockdowns in 2020. Indebted households are particularly gloomy, with pessimism at its highest level in three decades. The Reserve Bank Governor Michele Bullock warned that the year ahead would feel like a recession due to persistent cost-of-living pressures and weak economic growth. Despite five rate hikes this year, most respondents expect another rate increase in the coming year. Meanwhile, financial markets are factoring in the possibility of lower interest rates from mid-next year, with a more than 50% probability of an RBA rate cut by August 2024.",
  "summary": "Westpac survey results signal growing sense of ‘helplessness’ while Jim Chalmers faces growing pressure to rein in spending Confidence among mortgaged households has crashed to its lowest level in more than three decades amid a growing sense of “helplessness” about the economy, even as a dramatic shift in financial markets suggests there is now a strong chance of a Reserve Bank rate cut by this…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}