Australia's consumer confidence decreased during the week ended June 18, after remaining steady in the previous week, a weekly survey compiled by the ANZ bank and Roy Morgan Research showed Tuesday.
The consumer confidence index dropped to 112.4 from 112.9 in the preceding week.
Households' expectations of current economic conditions increased 0.6 percent and their confidence in future economic conditions improved by 2.8 percent.
The sub index measuring 'time to buy a major household item' rose by 2.0 percent last week. This sub-index has risen quite sharply since early May and is close to its peak at the start of the year.
"Consumers seemingly agree with the RBA's assessment that the weakness in GDP is temporary and have chosen to focus on the recent string of solid employment reports, including last week's data, which showed a sharp drop in the unemployment rate to 5.5 percent in May, the lowest since March 2013, " ANZ' s senior economist, Jo Masters, said.
"We believe that there is still some scope for further employment gains , and this will likely support confidence in the near term."
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