Australian consumer confidence remains "lackluster": report

Australian consumer confidence improved 0.9 percent last week however Australians are still concerned about the future, according to a report released on Tuesday.

The ANZ-Roy Morgan weekly confidence index is below the level of six months ago and 2 percent below the level of a year ago.

Consumer confidence is still down despite the fall in interest rates and cheaper petrol prices, the report said.

The report said the financial situation compared to a year ago rose 3.6 percent, "possibly in delayed response to the interest rate cut."

"However, the sub-index 'financial situation next year' fell 3. 8 percent, suggesting that households remain unconvinced that the improvement will last."

ANZ chief economist Warren Hogan said the rising share market and a buoyant property sector was not boosting investor confidence.

"Consumer confidence remains lackluster despite the interest rate reduction from the Reserve Bank earlier in the month and lower petrol prices over the summer," Hogan said.

"Rising house prices and new cyclical highs for the equity market do not appear to be having much of an impact on confidence at the moment." Endi