Global uncertainty about economic policy and Reserve Bank forecasts for growth may be weighing on consumer confidence, ANZ says.
The ANZ-Roy Morgan Australian Consumer Confidence Survey shows sentiment fell 0.9 per cent to 116.4 in the week ended February 12, remaining well above the 100-point level delineating confidence and pessimism.
ANZ head of Australian economics David Plank said the fall in consumer confidence was disappointing given the recent positive economic data around business conditions and house prices as well as some recovery in domestic stock prices.
"The deterioration in the financial and economic outlooks over the next 12 months may reflect the current global policy uncertainty as well as downward revisions to growth in last week's (Reserve Bank) Statement on Monetary Policy," he said.
"Overall, however, confidence remains above trend and is likely to remain elevated in the longer term in our view, supported by solid economic fundamentals and accommodative monetary conditions. Importantly, confidence in current finances appears to have stabilised."
Survey respondents' views of their future finances fell 1.8 per cent last week, but their views of their current finances compared to one year ago rose 1.0 per cent.
ANZ said both measures remained above their long run averages.
Consumers were more pessimistic about the wider economic outlook for the next year and the next five years, with those subindexes falling 3.8 per cent and 0.7 per cent, respectively.
Meanwhile, consumers were more optimistic about now being the right time to buy a household item, with that subindex rising one per cent.
