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Australian consumer confidence fell at the weekend even though the Reserve Bank of Australia (RBA) cut rates by 25 basis points to a record low of 1.00% on July 2.  

The ANZ-Roy Morgan Australian Consumer Confidence index dipped 1.1 percent from the previous week. Notably, respondents’ perception of the economy, including the outlook for the next 12 months retreated by 3.6 percent.  

The survey data indicates the consumers have taken RBA’s latest rate cut a sign of worsening economic conditions.  

The weekly measure of sentiment is based on 1,000 face-to-face interviews on Saturdays and Sundays.