Business

Confidence dips after second RBA cut: ANZ

A consumer confidence poll suggests people are feeling less optimistic about the Australian economy. (AAP)

Consumer sentiment retreated over the weekend as people felt less confident about the Australian economy, an ANZ survey suggests.

Consumer confidence fell over the weekend, an ANZ survey suggests, as people appeared to view the latest cut to the cash rate by the Reserve Bank of Australia as a signal of worsening economic conditions.

The ANZ-Roy Morgan Australian Consumer Confidence index dipped 1.1 per cent from the previous week, with respondents' perception of the economy - including the outlook for the next 12 months - retreating 3.6 per cent and prospects about conditions in the next five years sliding 1.7 per cent.

But the weekly measure of sentiment, which is based on about 1,000 face-to-face interviews conducted on Saturdays and Sundays, recorded a 3.7 per cent rise in how people felt about their financial condition compared to a year ago and a 1.3 per cent increase regarding their finances over the next 12 months.

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