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ANZ-Roy Morgan Consumer Confidence: Rate Cuts - What are they Good For?
March 03 2015
- Finding No.
Consumer Confidence Press Release
Data collected last weekend (Saturday and Sunday), based on 1,016 face-to-face interviews.
ANZ-Roy Morgan Consumer Confidence rose 1.5% in the week ending March 1, following a 0.9% gain in the previous week. Still, the improvement only leaves confidence back at the level seen before the RBA cut interest rates in February.
ANZ Chief Economist Warren Hogan commented:
- Confidence in the economic outlook improved last week but remains at subdued levels (Figure 6). Uncertainty about the economic outlook likely stems from a combination of poor job security, weak wages growth, and political instability.
- The sub-index ‘financial situation compared to a year ago’ fell 3.3%, and is around average levels seen over 2014. While this sub-index has historically been closely correlated with household consumption, the relationship has weakened in recent years.
“While the improvement over the last fortnight is encouraging, it is too early to determine if confidence will sustainably lift from here. Indeed, trends in recent months suggest otherwise, with confidence having moved broadly sideways over the last six months despite a number of positive factors such as lower interest rates, falling petrol prices and rising house prices. The key question remains whether renewed momentum in asset values can support a sustained lift in confidence over the coming year without an improvement in the labour market and wages growth.”
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.