Consumer confidence has slipped slightly despite cheaper petrol prices and the prospect of another rate cut, which ANZ says is due to rate cuts not providing the same boost to sentiment as in past cycles amid a plethora of other worries.

The weekly ANZ-Roy Morgan consumer confidence index fell by 0.7 per cent to 112.4 in the week ending February 1. This follows a drop of 0.4 per cent the previous week and leaves confidence around its long-run average.

ANZ says lower petrol prices hadn't yet boosted local confidence in any significant manner, which was in contrast to the US.

"The response of confidence to rate cuts is now the weakest of the last five easing cycles with concerns around the federal budget, the economic outlook, and job security weighing on sentiment in 2014," ANZ chief economist Warren Hogan said.

"However, the initial response of confidence to rate cuts was closer to normal, with the added cash flow from lower rates and higher house prices providing a moderate boost to sentiment. This suggests that further rate cuts could provide some boost to confidence in coming months.