Data collected last weekend (Saturday and Sunday), based on 993 face-to-face interviews.
ANZ-Roy Morgan Consumer Confidence rose 0.9% in the week ending February 22 following four weeks of decline. The index is below the level of six months ago and 2.0% below the level of a year ago. Despite the fall in interest rates and petrol prices in recent times, confidence remains soft. The rise this week leaves the index still below long run average levels.
Economic conditions bounced last week as political instability headlines faded from the news. The sub-index on economic conditions next year (+4.7%) and the next five years (+6.4%) both rose solidly, however they remain at below-average levels.
The sub-index ‘financial situation compared to a year ago’ rose 3.6%, possibly in delayed response to the interest rate cut. However, the sub-index 'financial situation next year’ fell 3.8%, suggesting that households remain unconvinced that the improvement will last.
ANZ Chief Economist Warren Hogan commented:
“ANZ-Roy Morgan Consumer Confidence remains lacklustre despite the interest rate reduction from the RBA earlier in the month and lower petrol prices over the summer. Rising house prices and new cyclical highs for the equity market do not appear to be having much of an impact on confidence at the moment either. Households remain concerned with the economic outlook in an environment of soft wage growth and ongoing job losses in the resources and manufacturing sectors. While the lack of upward momentum in confidence is disappointing, we expect a turnaround in the labour market is the key to a sustained improvement.”
Click to view the PDF of the ANZ-Roy Morgan Weekly Consumer Confidence Release.
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Related Research Reports
The latest Roy Morgan Consumer Confidence Monthly Report is available on the Roy Morgan Online Store. It provides demographic breakdowns for Age, Sex, State, Region (Capital Cities/ Country), Generations, Lifecycle, Socio-Economic Scale, Work Status, Occupation, Home Ownership, Voting Intention, Roy Morgan Value Segments and more.
You can also view our monitor of Monthly Australian Unemployment & Under-employment Estimates.