This weekly ANZ-Roy Morgan Consumer Confidence Rating is based on 1,006 face-to-face interviews conducted Australia-wide with men and women aged 14 and over last weekend August 15/16, 2015.
ANZ-Roy Morgan Consumer Confidence rose 0.6% to 113.2 this week, reaching the highest level in one and a half months. This rise is surprising given the volatility in financial markets associated with the devaluing of the Chinese currency last week. This compares to the plunge in confidence around five weeks ago on concerns about the Greece debt crisis and volatility in Chinese equity markets.
The rise last week was driven by an improvement in consumers’ view towards the medium-term economic outlook (+8.0%) and ‘finances compared to a year ago’ (+1.7%). While the lift in medium-term confidence is an encouraging sign, the index remains well below average.
Offsetting this, confidence in future finances (-1.4%), ‘economic conditions in next twelve months’ (-2.4%) and ‘time to buy a household item’ (-1.8%) all fell last week.
ANZ Chief Economist Warren Hogan commented:
“ANZ-Roy Morgan Consumer Confidence has crept up slowly in the past few weeks. While concerns around the Greek debt crisis and volatility in the Chinese equity markets worried consumers just a few weeks ago, confidence has remained broadly steady in the face of last week’s Chinese exchange rate devaluation, possibly due to the fact that the Australian dollar ended the week largely unchanged.
"Whether this solid performance from confidence can be sustained is the question. Last week’s wages data from the ABS showed record low growth in wages. In an environment of low wages growth combined with a soft labour market, household income growth is likely to remain weak. This, in turn, will continue to provide a constraint on growth in household consumption.”
Click to view the PDF of the ANZ-Roy Morgan Weekly Consumer Confidence Release.
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