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Consumer confidence has fallen sharply

AAP logoAAP 8/08/2016 Marty Silk

Consumer confidence has dropped sharply despite the Reserve Bank's interest rate cut, falling to its lowest in nine weeks.

Confidence fell 2.8 per cent in the week ending August 7, erasing two weeks of gains, according to the ANZ-Roy Morgan weekly consumer confidence survey. But it still remains above the long-term average.

However, consumers were considerably more pessimistic on the near-term economic outlook, with households' views for the next 12 months dipping 8.6 per cent.

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