This weekly ANZ-Roy Morgan Consumer Confidence Rating is based on 1,268 face-to-face interviews conducted Australia-wide with men and women aged 14 and over the weekend September 23/24, 2017.
ANZ-Roy Morgan Australian Consumer Confidence eased a touch (-0.6%) to 114.1 this week. The moderation in confidence was driven by a solid decline in views towards future economic conditions, which was somewhat offset by an increase in the ‘time to buy a major household item’ index. The remaining sub-indices showed little change.
ANZ Senior Economist, Felicity Emmett, commented:
- Consumers’ views towards current economic conditions remained unchanged (+0.1%). Meanwhile, consumers seem less optimistic about future economic conditions, with the sub-index falling 6.5% last week. The four-week moving average aggregate economic conditions index remains well below its long-run average (101.5 vs 108.1).
- Similarly, households’ views towards current financial conditions showed little change (+0.1%), while confidence around future financial conditions slipped 0.8% last week. The four-week moving average aggregate financial conditions’ index has risen above its long term average (115.6 vs 112.8) through September.
- The ‘time to buy a major household item’ index rose 3.3% last week, following a 4.0% jump in the previous week. While encouraging, the four-week moving average remains below its long-term average (132.1 vs 133.8) suggesting that households remain cautious about large expenditures.
- Inflation expectations were unchanged at 4.4% on a four-week moving average basis.
“Though the headline number showed little change last week, there has been significant volatility in responses over the past few weeks, particularly in consumers’ views towards future economic conditions.
"Broadly, ANZ-Roy Morgan Australian Consumer Confidence appears to be basing around its long term average, supported by ongoing strength in the labour market and a more optimistic view of current conditions. That said consumers appear less optimistic about future conditions. This likely reflects expected stress in household balance sheets and budgets if wage growth remains weak in an environment of moderating house prices and high levels of household debt. These concerns are likely being exacerbated by the prospect of interest rate hikes over the next year or so. As such, we see a pick-up in wage growth as the key to a sustained recovery in 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 September 18-24, 2017
The US ambassador to the United Nations Nikki Haley says the Security Council has run out of options to contain North Korea's nuclear program, in comments that indicate America isn't backing down from its threat of military action.
Flurry of military drills on Korean peninsula in show of force against North
Health experts push for 20pc tax on sugary drinks
CBS wins battle for Ten's future, trumping Murdoch and Gordon bid
46 dead, many trapped as powerful earthquake hits Mexico
Trump to UN: United States will 'totally destroy' North Korea if threatened
Hurricane Maria causes 'mind boggling' damage in Dominica, barrels toward Puerto Rico
Manus and Nauru refugees to be approved for US resettlement
Adelaide and Richmond into AFL Grand Final
Aid groups scramble to vaccinate tens of thousands of Rohingya children