Australian consumer confidence remains in the doldrums, and the lack of optimism has become one of the defining things about the economy. The latest ANZ-Roy Morgan survey showed confidence fell 1.2 points last week to a bleak 74.7 points. The cumulative impact of successive shocks such as Covid, surging living costs, and spiking fuel costs has taken a toll. The latest blow came from the Reserve Bank of Australia, which indicated last week that interest rates may need to rise further. Jonathan Kearns, chief economist at Challenger, says a lack of housing affordability and wealth inequality are also factors. (james.glynn@wsj.com; X @JamesGlynnWSJ)