While consumers are upbeat about their own finances, worries about the Australian economy and the upcoming Federal Budget is making them gloomy.

ANZ/Roy Morgan’s weekly consumer confidence index rose just 0.1 per cent last week, after a 2.3 per cent fall the previous week, which has put the index at an eight month low.

ANZ chief economist, Warren Hogan, said another adverse reaction to the Budget like the one last year would hurt the economy.

“This not only risks undermining retail spending but also business confidence more widely,” he said.

AAP