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ANZ-Roy Morgan Australian Consumer Confidence Consolidates
November 03 2015
- Finding No.
Consumer Confidence Press Release
This weekly ANZ-Roy Morgan Consumer Confidence Rating is based on 1,009 face-to-face interviews conducted Australia-wide with men and women aged 14 and over last weekend October 31/ November 1, 2015.
ANZ-Roy Morgan Australian Consumer Confidence rose 1.6% to 115.2 this week. Despite recent moves by the big four banks to raise variable mortgage rates, this week’s result confirms that overall consumer confidence remains on an upward trend, most likely reflecting the increased faith in the newly elected PM. The four week moving average is now at its highest level since February 2014.
ANZ Chief Economist Warren Hogan commented:
- Confidence about the economic outlook has surged since Turnbull’s election as Prime Minister. The subindex ‘economic conditions in the next 12 months’ rose 5.1% last week, and is now 25% higher than prior to the change in Prime Ministership. Consumers’ views towards ‘economic conditions in the next 5 years’ fell 3.3% last week, but is 9.5% above levels seen prior to Turnbull’s appointment.
- Consumers’ views towards their ‘finances compared to a year ago’ bounced 6.7%, reversing the falls seen in the previous two weeks, which were driven by the banks’ lending decisions. Confidence on ‘finances in the next year’ also rose 1.5%, lifting overall confidence.
“It is encouraging to see that consumer confidence has remained elevated above its long run average in the past few weeks. The significant improvement in consumers’ view towards the economic outlook has been important in this trend, with confidence in the new government appearing to offset the recent increases in variable mortgage rates and signs of slowdown in house price growth.
"Households will be looking for the Turnbull Government to deliver a clear and credible economic platform to return the economy to trend growth. This will be critical in the face of a slowing housing market.”
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.