26.06.201800:03:00UTC+00Australia's Consumer Confidence Weakens Further

Australia's consumer confidence weakened for the second straight time during the week ended June 24, a weekly survey compiled by the ANZ bank and Roy Morgan Research showed Tuesday.

The consumer confidence index dropped to 121.4 from 122.1 in the preceding week.

However, the four week moving average ticked up to 120.8, the highest in four months.

Consumers' views towards current financial conditions strengthened by 2.8 percent compared to last week, while that towards future conditions worsened by 6.5 percent after three straight weekly gains.

"It's a little disappointing that the passage of the income tax cuts through Parliament last week failed to boost expectations about future finances, although this likely reflects the softer housing market and ongoing global tensions," ANZ's head of Australian Economics, David Plank, commented.