Consumer confidence takes a dip

Concerns about the outlook for the Australian economy in the coming year has taken the gloss off consumer confidence.

Consumer confidence has retreated from its recent two-year high amid concerns about the outlook for the economy.

The latest ANZ-Roy Morgan weekly consumer confidence index dipped 0.6 per cent in the week to Sunday, with people expressing concern about the outlook for the economy in the coming 12 months and next five years.

However, ANZ chief economist Warren Hogan said confidence levels still remain elevated and well above their long-run average.