Australian consumer confidence at lowest level in one year

Australian consumer confidence has slipped on the back of anxiety over global financial conditions.

ANZ-Roy Morgan consumer confidence index fell 3.6 percent in the week ending July 12, which followed a 4.6 percent fall in the previous week, to its lowest level in one year.

ANZ chief economist Warren Hogan told local media on Tuesday there had been a fast retreat in confidence over the past two weeks as continuous news of Greece's economic woes and Chinese stock market volatility spilled into the local market.

"The rapid turnaround in sentiment highlights the sensitivity of consumers towards both domestic and global conditions," Hogan said.

The drop in consumer confidence was driven falls in respondents ' views about Australia's economic outlook for next year, and the next five years.

Confidence for the next five years is now at its lowest since the weekly series began in October 2008. Endi