Westpac Bank released its consumer confidence index for Australia on Wednesday. The index fell 1.0% in June, after a 8.5% rise in May.

"Coming after an 8.5% surge in May, the small decline in June mostly represents a consolidation at improved levels," Westpac Senior Economist Matthew Hassan said.

"Last month's surprise rate cut from the RBA was the main catalyst behind May's rally and although confidence has slipped back a touch in June this is a fairly common pattern following an interest rate driven bounce," he added.