“ANZ-Roy Morgan Australian Consumer Confidence has fallen a cumulative 7.1% in the past two weeks reflecting a confluence of negative events recently including global financial market volatility, patchy domestic economic data and signs that the housing sector is slowing. Expectations about Australia’s economic future are at a new seven year low. Australians are more pessimistic about the economic outlook than at the height of the GFC in October 2008.
"This represents a major challenge for the new Prime Minister and his leadership team. It will be a key indicator, in my view, of the Government’s ability to revive its economic credentials with the broader community. Next week’s consumer confidence reading will be an important first take on Australia’s view of the new leadership.
"Leadership aside, consumers are clearly vulnerable to bad news. International market volatility and the run of domestic data will shape consumer perceptions of the economy in the near term. While consumer confidence remains fragile and the economic outlook continues to weigh on consumers’ minds, a sustained recovery in retail sales will be challenging.”
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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.