Consumer confidence remains high, although it has retreated from the three-year high reached last month.
The ANZ-Roy Morgan Consumer Confidence Index eased four points to 119.8 in July as high petrol prices and the prospect of rising mortgage interest rates started to bite. A reading above 100 points indicates optimism.
ANZ Bank economist Steve Edwards says confidence remains high relative to historical levels, but higher longer-term fixed mortgage rates and rising petrol prices are eating into disposable incomes and giving homeowners a hint of things to come.
