“Confidence fell 1.1 per cent, despite the Reserve Bank of Australia’s second rate cut. The passage of the tax cuts has also not been an immediate boost to sentiment," ANZ Head of Australian Economics David Plank said.
"We need to put this in context, however. Consumer confidence rose sharply in the prior week and is above average, so some consolidation is not completely unexpected."
"Interestingly, confidence also fell immediately following the June RBA rate cut, suggesting the immediate take-away from monetary easing is not necessarily positive."
"The mixed nature of last week’s data, with another trade surplus but soft retail sales, may also have contributed.”