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Australian consumer confidence falls: report

Xinhua, July 7, 2015 Adjust font size:

Australian consumer confidence fell sharply in the past week, according to data released on Tuesday.

Economic turbulence in Greece and China was blamed for the ANZ- Roy Morgan consumer confidence index which fell 4.6 percent to 111. 0 in the week to July 5, reversing gains made since May's Australian federal budget.

ANZ chief economist Warren Hogan said turmoil in global financial markets was to blame.

"Australians appear acutely aware of the threats posed to economic stability by both the Greek crisis and China's equity market collapse," Hogan said in a statement.

"An almost 5 percent decline in confidence in a single week is unusual and should be treated seriously, especially as it reverses a rising trend that has been in place for the last two months." Endite