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ANZ-Roy Morgan Consumer Confidence Remains Soft
March 16 2015
- Finding No.
Consumer Confidence Press Release
Data collected last weekend (Saturday and Sunday), based on 1,001 face-to-face interviews.
ANZ-Roy Morgan Consumer Confidence edged 0.5% higher to 110.8 in the week ending March 15, following a fall of 2.0% in the previous week. The index remains below the level of six months ago and 1.4% below the level of a year ago. A tick down in the unemployment rate and reduced news flow around the budget may have led to the modest rise last week. This rise leaves the index still below long run average levels (Figure 2).
ANZ Chief Economist Warren Hogan commented:
- The rise last week was driven by households’ perceptions of their finances, with the sub-index ‘financial situation compared to a year ago’ up 2.0% and ‘financial situation next year’ up 2.3%.
- This strength was partly offset by consumers’ view on the economic outlook, which remains dreary. The sub-index ‘economic conditions for the next twelve months’ fell last week and remains well below households’ view of the own finances over the coming year.
“ANZ-Roy Morgan Consumer Confidence remains soft amidst ongoing concerns over the economic outlook. While rising house prices, relative low petrol prices and low interest rates may be helping consumers feel more positive about their own finances, households remain concerned with the economic outlook in an environment of low wage growth, government budgetary strains and a soft labour market. Last week’s news of a slight dip in the unemployment rate appears to have had only a minor impact on confidence. The recent weakness in the Australian dollar also appears to have had little impact on confidence, one way or the other. We expect the RBA to lower interest rates at their next board meeting in April and keep rates at record lows until 2017 to support domestic economic 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.