Confidence slips after RBA holds rate

Consumer confidence fell last week as Australians’ perception of the economy at large took a sharp negative turn following the Reserve Bank’s decision not to cut the cash rate.

The ANZ-Roy Morgan Australian Consumer Confidence index slid by 2.1 per cent from the previous week, with the “time to buy a household item” dropping 2.5 per cent.

The weekly measure of consumer sentiment, which is based on about 1,000 face-to-face interviews conducted on Saturdays and Sundays, recorded an 8.1 per cent drop in respondents’ views of current economic conditions.

The sharp fall was despite an uptick in the measure of how people felt about their own finances, with “current finances” up two per cent.

AAP

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