This weekly ANZ-Roy Morgan Consumer Confidence Rating is based on 978 face-to-face interviews conducted Australia-wide with men and women aged 14 and over the weekend July 1/2, 2017.
ANZ-Roy Morgan Australian Consumer Confidence bounced 2.4% to 114.5 this week, bringing the index to its highest point since early April and above the long-run average. The rise in confidence was broad based, with all sub-indices posting gains.
ANZ’s Head of Australian Economics, David Plank, commented:
- The volatility in households’ views around current financial conditions continues, with the sub index rising 3.8% last week. Consumers were less optimistic about future financial conditions. This sub index rose 0.8% last week, only partially offsetting the 1.7% decline in the previous week.
- Confidence around both current and future economic conditions rose solidly (+3.7% and +3.0% respectively). The current economic conditions sub index now sits at its highest point since mid-March.
- The ‘time to buy a major household item’ sub-index rose 1.3% last week following a 1.8% fall in the previous week.
- Inflation expectations remain unchanged at 4.2% on a four-week moving average basis.
“The improvement in sentiment across the board last week is quite encouraging. The rise in confidence likely reflects ongoing strength in the labour market and appears to have outweighed consumers’ concerns about the rise in retail electricity prices.
"At today’s meeting, the RBA is likely to highlight the improvement in labour market conditions, in particular the fall in the unemployment rate to a four year low. The reduction in spare capacity is encouraging; however it remains high by historical standards. In addition, there is some uncertainty about the drivers of the economy going forward given debt positions of households and a decline in housing construction. As well, we believe that wage growth will likely remain subdued through the year, delaying the return of core inflation to the RBA’s target band.
"Overall, the labour market will remain an important influence on confidence over the coming months. While we expect the pace of jobs growth to moderate - given that the official figures have largely caught up with survey measures such as ANZ Job Ads - a strengthening labour market should continue to broadly support confidence.”
Click here to view the PDF of the latest 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.
The week that was June 26 - July 2, 2017
Australian Crown staff jailed in China for promoting gambling
Abbott lashes out at Pyne over leadership, gay marriage comments
Horn beats Pacquiao in 'Battle of Brisbane' boilover
'Relentless character assassination': Pell to take leave to fight charges
Aussie cricketers and board on the precipice of mutually assured destruction
A 41-year-old Melbourne surgeon dies almost a month after being punched in the head in the foyer of Box Hill Hospital in the city's east, allegedly after an argument with another man who had been smoking near the building.
A ‘cyber attack’ strikes computers around the world, taking out business servers and disrupting operations, and is likely to hit Australia as businesses wake up.
Shorten vows to reverse penalty rates cuts if Labor wins election
May strikes deal to form UK Government.