20 Jun 2016

Consumer confidence dips but still upbeat

5:28 pm on 20 June 2016

Consumer confidence has slipped slightly, with more households feeling worried about where the economy is headed - however, overall, the mood remains upbeat.

The Westpac-McDermott Miller Consumer Confidence Index declined 3.7 points to 106 in the three months to June, compared with the previous quarter.

A reading above 100 indicates more optimists than pessimists.

Households remained upbeat despite the decline in confidence, with low interest rates and a solid economy supporting sentiment.

But there was some anxiety about the outlook for the economy.

Westpac said while the economy was growing reasonably well, people might not feel like they're getting ahead, as an increasing population meant the gains were being spread more thinly.

1555 people were surveyed for the quarterly index.

It contrasted with last week's monthly ANZ-Roy Morgan Consumer Confidence Index, which recorded a rise of 3 points compared to May.

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