Australia's consumer sentiment for the week ended November 20 declined after rising in the previous week, a weekly survey compiled by the ANZ bank and Roy Morgan Research company showed Tuesday.
The consumer confidence index dropped by 2.3 percent to 111.5 from 118.2 in the preceding week.
Household's views on economic conditions over the next twelve months and five years fell by sharp 5.6 percent and 7.5 percent respectively-partially reversing the gain over the past three weeks.
At the same time, their views on finances compared to a year ago rose 2.1 percent this week after a 0.8 percent fall the previous week.
"The RBA has highlighted the recent loss of momentum in the labour market, which along with moderating business conditions, does warrant close monitoring. The fall in the Australian dollar last week may also have dented confidence," ANZ Senior Economist, Jo Masters, said.
"Stepping back from the recent volatility in the index, consumer confidence remains well above its long run average. This is consistent with an economy growing around trend, a buoyant housing market, and accommodative monetary conditions."
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